China Russia

Trade of goods between China and Russia reached $53.85 billion in the first quarter of 2023, rising 38.7 percent year-on-year, according to data released by China's General Administration of Customs (GAC) on Thursday, demonstrating the strong momentum behind bilateral trade growth this year.

In the first three months of 2023, China's exports to Russia stood at $24.07 billion, up 47.1 percent year-on-year. China's imports from Russia were recorded at $29.77 billion, up 32.6 percent. The overall bilateral trade growth rate increased 10 percentage points over the corresponding period last year. 

In 2022, China and Russia trade reached 1.28 trillion yuan ($190 billion), rose by 34.3 percent year-on-year, which marked the first time that bilateral trade has surpassed the 1-trillion-yuan benchmark. 

China and Russia signed the Joint Statement of the People's Republic of China and the Russian Federation on Deepening the Comprehensive Strategic Partnership of Coordination for the New Era in March.

Industry observers said that the two countries are expected to achieve annual bilateral trade of $200 billion ahead of schedule as cooperation is being expanded, which is likely to be completed in 2024. 

In energy cooperation, Russia became China's largest oil supplier in the first two months of 2023, which exported 15.68 million tons of crude oil to China, said GAC in March. An official from China's National Energy Administration (NEA) said during a press conference on Wednesday it will keep supporting companies from China and Russia, particularly in energy cooperation.

Simon Huang, managing director of Ozon China under Ozon Holdings, one of Russia's largest online retailers, said in an interview with the Global Times in March that the company is actively promoting trade settlement in yuan for Chinese cross-border sellers on its platform to reduce risks of exchange-rate fluctuations.

In addition, China and Russia are also seeking more opportunities in agricultural cooperation. The China Chamber of Commerce of Import & Export of Foodstuffs, Native Produce & Animal By-Products (CFNA) said in September 2022 that the compound annual growth rate of Chinese imports of agricultural products from Russia was 10.7 percent, which was higher than the growth rate of bilateral trade in the past 10 years.

An official from the CFNA said China is expected to import 3.7 million tons of soybeans from Russia in 2024. 

Global Times