📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

China-Russia 2023 trade value hits record high of $240 billion - Chinese customs

Published 12/01/2024, 07:49
Updated 12/01/2024, 07:51
© Reuters. Workers stand near a crane unloading sacks of imported soybeans from Russia at Heihe port in Heilongjiang province, China October 10, 2018. Picture taken October 10, 2018. REUTERS/Stringer/File Photo
USD/CNY
-

BEIJING (Reuters) - China's 2023 two-way trade with Russia hit $240 billion, setting yet another new record, Chinese customs data showed on Friday, as the two countries pushed for closer economic ties even as the war in Ukraine raged on.

China, one of the world's top oil consumers, has emerged as a major economic lifeline for energy exporter Russia, currently under Western sanctions. Moscow has also stepped up purchases of Chinese goods from cars to smartphones as European and U.S. brands left the Russian market.

China-Russia dollar-denominated trade hit $240.1 billion in 2023, growing 26.3% from a year earlier, according to the data by China's General Administration of Customs.

Chinese shipments to Russia jumped 46.9% in 2023 from a year earlier, and soared 64.2% compared with 2021, before the Russia-Ukraine war, the customs data showed.

Imports from Russia rose 13% last year from 2022.

Half of Russia's oil and petroleum exports in 2023 have been shipped to China, Russia's state news agencies cited Russian Deputy Prime Minister Alexander Novak as saying in late December.

The Chinese customs did not release the oil imports data from Russia for the month of December.

Leaders and officials from both countries held multiple bilateral talks last year, hailing their "no-limits" partnership.

Beijing intends to expand energy cooperation with Russia along all stages of production, Chinese Ambassador to Russia Zhang Hanhui told the Russian state RIA news agency on December 19.

While Russia ramps up Chinese yuan payments for imports amid Western sanctions, China has also increased the use of yuan to buy Russian commodities.

© Reuters. Workers stand near a crane unloading sacks of imported soybeans from Russia at Heihe port in Heilongjiang province, China October 10, 2018. Picture taken October 10, 2018. REUTERS/Stringer/File Photo

In yuan terms, two-way trade value between China and Russia stood at 1.69 trillion yuan ($235.90 billion) last year, up 32.7% year-on-year, the customs data showed.

($1 = 7.1641 Chinese yuan renminbi)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.