When China and Russia "hand in hand", trade turnover reaches its peak

According to data released by the General Administration of Customs of China on January 13, the trade volume between China and Russia in 2024 reached a record high of 1.74 trillion yuan, equivalent to 237 billion USD.

In 2024, trade turnover in yuan between China and Russia will increase by 2.9% compared to the same period in 2023. Illustrative photo. (Source: Reuters)

China's exports to Russia increased by 5%, while imports from Russia increased by 1% compared to the previous year. In December 2024 alone, China's exports to Russia increased by 6.4%, reversing the decline in November.

The growth comes as leaders of the two countries have praised the good bilateral friendship. On December 31, during a New Year greeting exchange with Russian President Vladimir Putin, Chinese President Xi Jinping affirmed that Beijing and Moscow are always “hand in hand” on the road ahead.

In 2024, President Putin praised the positive relationship between the two countries, stressing that Beijing-Moscow relations had reached an unprecedented level.

Despite the record high trade value in US dollars, according to data from the General Administration of Customs of China, the growth rate of trade turnover in 2024 is significantly lower than the 32.7% increase in 2023, in which exports decreased sharply from 53.9% and imports were lower than 18.6%.

The reason is that companies of the two countries are having difficulty paying for orders, after the US increased sanctions on Russian transaction banks.

Source: https://baoquocte.vn/khi-trung-nga-tay-trong-tay-kim-ngach-thuong-mai-dat-dinh-300725.html