China‘s trade with Russia has grown at double-digit rates in both imports and exports over the past three years.
On the demand side, Chinese imports from Russia grew 37% in 2021, 46% in 2022 and 13% in 2023.
What did China import from the Russian market in 2023?
Mainly these five products:
- Oil: 60,082 million dollars.
- Coal: 14,316 million dollars.
- Gas: 11,695 million dollars.
- Petroleum oils: 7,234 million dollars.
- Copper: 3,159 million dollars.
China’s trade with Russia
The Russian economy is heavily dependent on the export of a number of raw materials, such as most industrial metals, forestry products and oil and gas.
As a result, it is heavily affected by international commodity prices and is particularly vulnerable to any weakening in global demand for these products.
Chinese imports from Russia had this dynamism after falling 7% in 2020 affected by the Covid-19 pandemic.
Automotive sector
According to the WTO, Chinese exports to the Russian market showed more resilience: they grew 2% in 2020, despite the pandemic, and then three years at double-digit rates: 34% in 2021, 13% the following year and 46% in 2023.
What were the top Chinese exports to Russia in 2023?
- Automobiles: 11,658 million dollars.
- Telephones: 4,176 million dollars.
- Tractors: US$3.754 billion.
- Motor vehicles for the transportation of goods: US$3.071 billion.
- Computers: 2,917 million dollars.
Russia was the seventh largest destination for China’s goods exports in 2023, surpassed by the United States, Hong Kong, Japan, South Korea, Vietnam and India.
Chinese exports of goods to the whole world were $3.4 billion in 2023, down 6% over 2022.