With the beginning of the XXI century, the Russian Federation and the PRC intensified cooperation, tracing mutual interests in various industries. Thus, Russia’s trade with China in the XXI century has undergone great changes and demonstrated dynamic growth. By the way, you can order cargo delivery from China to Russia from us.
Structure of trade between countries
Russia’s exports to China largely consist of raw materials: oil, natural gas, coal and metals. As of 2024, more than 40% of Russian exports are energy resources. China supplies industrial goods, electronics, cars, machinery and equipment, as well as textiles and consumer goods to the Russian Federation.
Energy partnership has become an essential part of bilateral relations. The “Power of Siberia” project, launched in 2019, has become a landmark event, ensuring the supply of natural gas to China. It is expected that by 2025 the volume of gas supplies along this route will reach 38 billion cubic meters per year.
In 2021, China became Russia’s largest trading partner, accounting for 18% of Russian foreign trade turnover. At the same time, Russia ranks 3rd among China’s largest trading partners after the USA and the European Union.
In 2022, the volume of mutual trade reached $190.27 billion, which is 29.3% higher than in 2021. A year earlier, trade between the countries amounted to $146.887 billion, exceeding the level of 2020 by 35.8%. Despite the difficulties caused by the pandemic in 2020-2022, there was a steady and rapid increase in trade between the two states.
So, if in 2001 the volume of trade amounted to only about $8 billion, then as of 2024 it exceeded $150 billion, which indicates a more than 17-fold increase.
Despite the difficult political environment, economic sanctions and other existing problems, both countries are set to further deepen trade ties.
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