Trade with China

According to the China’s General Administration of Customs, the trade turnover of China and Russia in the first half of 2023 increased by 40.6% compared to the same period in 2022 and amounted to $114.54 billion. Chinese exports to Russia increased by 78.1%, to $52.284 billion, and Russian exports to China - by 19.4%, to $62.263 billion.

At the same time, the overall trends of indicators in the published statistics of China is not so positive. The country's total foreign trade in the first half of 2023 decreased by 4.7% compared to the same period last year, down to $2.918 trillion. Exports fell to $1.663 trillion - by 3.2%, and imports fell to $1.255 trillion (by 6.7%). At the same time, the situation in the yuan looks different. 

The China’s General Administration of Customs recorded the growth of foreign trade by 2.1%, up to 20.1 trillion yuan, which is a result of the weakening of the national currency against the dollar. The increase in trade between Russia and China is obvious, but at the same time we note the equalization of their trade balance. Russia began to import more from China, while earlier, due to energy resources, it exported more.