Russian Deputy Prime Minister Alexander Novak said that Russia supplied more oil and oil products to China from January to October 2023 than in the whole of 2022.
Alexander Novak and Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang held the 20th meeting of the Russian-Chinese Intergovernmental Commission on Energy Cooperation in Beijing on Friday, 15 December.
According to the Russian Prime Minister, energy co-operation between Russia and China is developing progressively and is at the highest level. He specified that in the total trade turnover, which has already crossed the bar of $200 billion in the first 11 months of 2023 alone, energy cooperation accounts for about one third of this figure.
“We have already this year delivered more volumes for 10 months than last year for oil and petroleum products to China, electricity supplies are being made,” Novak said.
Recall that according to data from the General Customs Administration of the PRC, for the first three quarters of 2023 trade turnover between Russia and China increased by 29.5% to a record $176.5 billion. During the reporting period, China imported $81.4 billion worth of goods into Russia, showing a 56.9% growth. Supplies from Russia to China over the same period totalled about $94.9bn, showing an increase of 12.7%. Thus, the trade balance remains in Russia’s favour.