In the first three quarters of 2023, trade turnover between Russia and China increased by 29.5% to $176.5 billion, RIA Novosti reported, citing data from the General Customs Administration of the People’s Republic of China.
During the reporting period, China imported $81.4bn worth of goods into Russia, showing an increase of 56.9%. Supplies from Russia to China for the same period totalled about $94.9bn, showing an increase of 12.7%. Thus, the balance remains in Russia’s favour.
In September alone, the trade turnover between the two countries reached $21.1 billion, with Russia importing $11.5 billion worth of goods to China and purchasing $9.6 billion worth of goods.
At the end of 2022, the trade turnover between the two countries grew by 29.3 per cent to a record 190.271 billion dollars.
Earlier, the leaders of Russia and China agreed to double trade turnover between the two countries, bringing it to 200 billion by 2024. After the talks between the leaders of the two countries, which took place in Beijing on 4 February 2022, Kremlin spokesman Dmitry Peskov said that Chinese President Xi Jinping had outlined a new goal of increasing trade turnover between Russia and China – $250 billion a year.