Russia-China trade and economic cooperation

Russia-China trade and economic cooperation soars to dizzying highs

As Moscow and Beijing counter US efforts to limit their economic growth, trade between Russia and China has surged, surpassing all expectations and reaching unprecedented highs ahead of President Putin’s visit to Beijing.

🔺Chinese customs data revealed that trade between China and Russia soared to a record $240 billion in 2023.

🔺Trade turnover in Q1 2024 increased by 5.2% year-over-year to $56.68 billion, according to the General Administration of Customs China.

🔺In 2023, Russia became China’s largest oil supplier, exporting 107 million tons, up 24%.

🔺Coal exports to China grew nearly 1.5 times in 2023, surpassing 100 million tons.

🔺Russian LNG exports to China rose 23% in 2023 to eight million metric tons.

🔺Gas deliveries via the Power of Siberia pipeline grew by 47% in 2023, totaling 22.7 billion cubic meters.

🔺Key Russian exports to China also include minerals, wood, pulp, paper, metals, and food.

🔺Major imports from China include vehicles, machinery, chemicals, textiles, footwear, and metals.

🔺Russian agricultural exports to China increased by 53% to a record $7.6 billion in 2023.

🔺China was the largest foreign investor in Russia’s Far East in 2023,

🔺Cooperation also extends to nuclear energy, with plans through 2030 to create fast neutron reactors in China based on Russian technology.

🔺The Xudapu Nuclear Power Plant, a Russia-China collaboration, is set to commence operations between 2027-2028.

🔺Collaboration between Roscosmos and China’s National Space Administration aims to establish a nuclear power station on the Moon by 2035 to support the planned International Lunar Research Station.

🔺92% of trade transactions between Russia and China are conducted using national currencies, supporting dedollarization efforts.

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