Three 1,200-ton cargo barges made their debuts and launched their maiden voyages in Heihe, Northeast China's Heilongjiang Province, on August 11, 2022. The barges were built by Heihe Port Authority Co and are largest cargo barges operating in Heilongjiang's river system. Photo: VCG

Bilateral trade between China and Russia increased to $117.2 billion from January to August this year, surging 31.4 percent year-on-year. China's imports from Russia came in at $72.95 billion for the period, up 50.7 percent, according to data from China's General Administration of Customs (GACC) released on Wednesday.

In Chinese yuan terms, bilateral trade totaled 765 billion yuan during the first eight months, up 32.5 percent year-on-year, the data revealed.

China and Russia are each other's major trading partners, as the two nations have ramped up efforts to enlarge trade cooperation in recent years, Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Wednesday.

Surging trade is also in line with overall growing trend of trade activity among BRICS members, said Bai.

In 2021, China's trade with the other four BRICS members - Brazil, Russia, India, and South Africa - recorded a 40-percent year-on-year surge, doubling that of five years ago, according to China's Ministry of Commerce (MOFCOM).

Bilateral trade between China and Russia is maintaining strong growth momentum, and the two sides will continue to promote normal economic and trade exchanges and maintain the stability of industrial and supply chains, Shu Jueting, a MOFCOM spokesperson, said on August 25.

The two countries will work together to foster new growth engines, such as the digital economy, green development and biomedicine, Shu noted.

It is expected that China-Russia trade will hit a new milestone and may exceed 1 trillion yuan in 2022, Bai said.

According to a report released by the Chinese Academy of Social Sciences on August 23, trade between China and Russia stood at $146.89 billion in 2021.

Global Times