The trade turnover between Russia and China in the first three quarters of 2021 has increased by 29.8% compared to the same period last year, which amounted to USD 102.529 billion, according to the data released by the PRC General Customs Administration.
Chinese exports to Russia for the reporting period grew by 32.4% in annual terms and amounted to USD 47.401 billion, additionally, shipments from Russia to China increased by 27.6%, amounting to USD 55.128 billion.
Separately, in September, trade between Russia and China amounted to USD 13.468 billion, with exports from China to Russia reaching USD 6.601 billion and imports from Russia to China reaching USD 6.867 billion.
In stark contrast, at the end of 2020, trade between Russia and China fell by 2.9%, to USD 107.76 billion.
The authorities of Russia and China have set the task of bringing the volume of bilateral trade to USD 200 billion a year. On June 4th, Russian President Vladimir Putin, at a meeting with the heads of world news agencies at the St. Petersburg International Economic Forum, stated that Russia and China were able to maintain trade turnover at USD 100 billion in 2020, despite the pandemic, and could reach USD 200 billion by 2024.
At the end of January, the Ministry of Commerce of the PRC announced the intention to intensify trade and economic cooperation with the Russian Federation in 2021 in order to help achieve the goal of increasing bilateral trade to USD 200 billion. They also stressed that China is interested in expanding economic contacts with the Russian Federation both at the central and interregional levels.
Furthermore, the Russian-Chinese Forum on Investment Cooperation was held by the Russian Trade Mission in China together with the Foreign Office of Xiamen City on the sidelines of the 21st China International Trade and Investment Fair CIFIT in Xiamen. The forum is also held with the participation of the Ministry of Commerce and representatives of the Chinese companies Greatwall, Haier, ZTE, Vanke, as well as representatives of the state corporation Rosatom, the Skolkovo Foundation, and the Russian trading company.
A significant development, as a delegation from the Russian Federation participated in CIFIT for the first time. This year’s fair was dedicated to the theme of “New Opportunities for International Investment in a New Development Model”. Particular attention was focused on the BRICS countries, the Belt and Road Initiative and the parties to the Comprehensive Regional Economic Partnership. The exhibition was attended, including online attendees, by approximately five thousand enterprises from more than 120 countries and regions.
The increasing trade between Russia and China is a positive sign of deeper cooperation between two countries in various economic areas. Should you have any questions, or require any additional information, please do not hesitate to contact us at info@dandreapartners.com.
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