Russia-China trade on track for record in 2023

Trade between Russia and China has maintained its brisk momentum since reaching record levels in 2022, with exports and imports experiencing robust growth since the start of this year, as per this week's update from the Russian Customs Service.

According to the service’s Telegram channel, bilateral trade between the two countries surged by 25% from January to August compared to last year. Data from China’s customs agency showed previously that trade turnover amounted to $155.1 billion during this period.

The Russian customs authority said that Moscow and Beijing will continue to simplify customs formalities to further boost trade, noting “a special interest in organizing a permanent, round-the-clock operation of one of the main transport hubs – the Zabaikalsk-Manzhouli automobile border-crossing checkpoint, as well as of the Pogranichny-Suifenhe road crossing.” 

Russia has been supplying China mostly with energy products, such as oil and gas, as well as refined products, agri-food and industrial products. China has been exporting almost all types of goods, including food, equipment, mobile phones, electronics, engineering products, furniture, toys, textiles, clothing and footwear.

During the previous year, trade between Russia and China soared to an all-time high of $190.3 billion. The two nations are now poised to exceed their $200 billion target for this year, and they remain steadfast in their belief that achieving an annual $250 billion in trade is “absolutely realistic.”

The strengthening of economic ties between Russia and China has been fortified by their joint commitment to conducting a significant portion of transactions using their respective national currencies instead of relying on the US dollar. Moscow and Beijing have intensified their efforts to diminish their dependence on the dollar and euro in global trade, especially in light of Western sanctions imposed on Russia and the ongoing trade dispute between the US and China.

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