The two countries are on course to hit $200 billion in turnover this year
© Getty Images / yupiyan
Volumes of trade between Russia and China have continued to grow, jumping by 24.5% in the first quarter in annual terms to $52 billion, according to the Russian government.
“Over the past two years, bilateral trade has increased by a third annually and in 2022 reached a new record of $185 billion,” says a brief prepared by the Cabinet for a visit to China by Russia’s Prime Minister Mikhail Mishustin.
The PM’s official visit to China next week will see him meet with the country’s President Xi Jinping and its Premier Li Qiang.
Official statistics show that despite Western sanctions on Moscow, trade and economic cooperation between the two nations is actively developing, with the People’s Republic remaining Russia’s leading trade partner.
Agricultural trade has been on the rise, soaring by 42% last year to $7 billion, with China having overtaken the EU as the top importer of Russian agricultural products.
“In the first quarter of this year, supplies to the Chinese market increased by another 91% to $2.4 billion. Work is underway to expand mutual access to agricultural products,” the Cabinet document reads.
READ MORE: Russian fuel oil exports to China to hit record high – Bloomberg
China has been competing with India as the biggest buyer of Russian oil, with Beijing’s seaborne imports of Russian crude hitting record highs as refiners take advantage of discounts amid a rebound in domestic fuel demand.
Based on first-quarter results, bilateral trade is on track to surpass the targeted $200 billion this year.
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