Russo-China trade turnover rises 1.9% to $244.81bn in 2024

Russo-China trade turnover rises 1.9% to $244.81bn in 2024

Russia's mutual trade with China has long since surpassed the goal of hitting $200bn and was up 1.9% in 2024 to hit a new high of $245bn. / bne IntelliNews

By bne IntelliNews January 13, 2025

Mutual trade turnover trade between China and Russia reached a new record high of $244.81bn in 2024, marking a modest 1.9% increase from the previous year, according to China’s customs authority, reports TASS.

China’s imports from Russia were virtually flat at $129.32bn, while exports to Russia rose by 4.1% to $115.49bn. The trade surplus in Russia’s favour fell significantly, decreasing 23.8% y/y to $13.83bn, and is mainly based on oil exports to China.

In December alone, trade between the two nations surged by 7.1% month-on-month to $21.97bn, bolstered by a 6.2% rise in imports from Russia, totalling $10.67bn, and a 7.9% increase in Chinese exports, which reached $11.3bn.

Trade between the two countries had grown by 29.3% in 2022, reaching $190bn, before accelerating further in 2023 with a 26.3% rise to $240.11bn.

The slowdown in growth in 2024 is part of the Russia’s economy is cooling as the military Keynesianism effects wear off. China has been exporting dual use goods and other industrial machinery to help Russia avoid sanctions. In July last year, Nato directly accused China of supplying Russia with arms for the first time but provided no evidence of the export of specific military products travelling from Beijing to Moscow. Nevertheless, Chinese exports have been key to allowing Moscow to maintain its war effort in Ukraine.

#macro #trade #China #Russia #bneChart

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