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China sees biggest increase in trade with Russia in 2023, China customs data shows

China sees biggest increase in trade with Russia in 2023, China customs data shows



Bilateral trade between Russia and China totaled more than $93.8 billion from January to May in 2023, an increase of 40.7 percent from the same period last year, according to data from the General Administration of Customs of China.

Data released on Wednesday also showed that China’s exports to Russia have reached $42.96 billion since January 2023, an increase of 75.6 percent from 2022. The number of total trade values ​​and total exports saw its biggest increases since the start of the Russian invasion of Ukraine. , with Russia becoming China’s fastest growing trading partner in the world.

Russia has been hit with unprecedented Western sanctions since it invaded Ukraine and was locked out of much of the global economy.

But China, which has declared no limits to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of its banishment from the global financial system.

Trade between China and other countries or regions has mostly fallen from a year ago. Taiwan, South Korea, New Zealand and the United States saw the largest declines globally, with Taiwan reducing its trade with China by more than 25%. Trade between the United States also fell by 12.3%.

Last month, Russian Prime Minister Mikhail Mishustin said he expected trade between Russia and China to top $200 billion in 2023, CNN reported.

Chinese Premier Li Qiang met Mishustin in Beijing in May and said the country is willing to work with Russia to promote their pragmatic cooperation in various fields and take it to a new level, according to Reuters.

Mishustin, meanwhile, said the two governments were making a coordinated effort to implement the agreements reached between Chinese leader Xi Jinping and Russian President Vladimir Putin during their March meeting at a supreme level, according to the agency. Russian state press TASS.




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