According to statistics that were issued on Friday by China’s Customs Administration, the amount of money exchanged in trade between China and Russia increased by over a third to more than $190 billion in 2017.
According to figures from customs, annual revenue is getting closer and closer to the target of $200 billion 2 years ahead of plan.
The number of commodities that China sent to Moscow in 2022 was $76.1 billion, representing a growth of 12.8% versus the previous year. On the other hand, the number of goods that Russia shipped to China increased by 43.4%, reaching $114.1 billion.
According to the figures, the amount of money traded between the two nations reached a total of $17.8 billion in only the month of December.
The data also revealed that in 2022 Moscow was the country with the highest rate of trade expansion with China when compared to China’s 20 main trading partners. Prior to this, Moscow & Beijing had agreed to increase their bilateral commerce to the value of $200 billion by the year 2024.
Vladimir Putin, the President of Russia, lauded the growth of links between his country and China, particularly in the field of energy, during a conversation with Xi Jinping, the Leader of China, that took place via a link to the video last month.
“In spite of the harsh external scenario, unjust limitations, and outright extortion by certain Western nations, Russia and China have managed to secure record record-breaking rates of bilateral trade… Today, we are now in second position in terms of pipeline gas deliveries to China and also in fourth spot in terms of exported LNG [liquefied natural gas],” he said, adding that in January through November, the quantities of agriculture turnover had also increased significantly, by 36% to $6 billion.
The Financial Times had previously claimed that by November 2022, China had become Russia’s primary commercial partner; however, at the time, commerce was made more difficult due to the limitations imposed by Covid-19. Because Beijing has eased some of the restrictions on trade that had been having a detrimental effect over the last two months, economists now anticipate that trade volumes will continue to increase.