Since the outbreak of the Russia-Ukraine conflict in February 2022, trade between China and Russia has grown significantly.
Here's a breakdown of the specific trade data:
2021: China-Russia trade volume was $147 billion.
2022: Trade volume jumped to $190.27 billion, a year-on-year increase of approximately 29.3%.
2023: Trade volume reached a new high of $240.11 billion (other data points to $244.8 billion), a 26.3% year-on-year increase. The leaders of both countries had originally aimed to reach a trade target of $200 billion by 2024, but due to factors like international sanctions, this goal was achieved a year early.
2024: According to the latest data, the total China-Russia trade volume for 2024 reached $245 billion (as of May 7 data), maintaining a high level. However, some reports indicate a slowdown in growth during the first few months of 2024, with a 1.6% increase in the first seven months of 2024, and a 6.9% year-on-year decrease in the first quarter of 2025.
Key Characteristics:
Continued Growth: After the Russia-Ukraine conflict, Western countries imposed sanctions on Russia, leading Russia to turn eastward, particularly to China, in search of new trade partners.
Energy as a Pillar: Russian energy exports to China (such as crude oil, natural gas, and coal) are the backbone of trade between the two countries. China has also become a crucial market for Russian fossil fuel exports.
Chinese Goods Fill the Gap: As Western companies exited the Russian market, China's exports of goods like automobiles, electronics, and machinery to Russia significantly increased, filling market gaps.
Increased Local Currency Settlement: The proportion of trade settled in local currencies has risen significantly, reaching 92% in 2023.
Strategic Significance: For Russia, trade with China holds significant strategic value, providing support for the Russian economy and its military-industrial complex, especially concerning dual-use goods.
Overall, since the Russia-Ukraine conflict, China-Russia trade volume has shown strong growth, and China has become Russia's largest trade partner.