The two countries have been ramping up economic cooperation in the face of Western pressure
© Getty Images / Suphanat Khumsap
The volume of trade between Russia and China continues to grow and is expected to reach $300 billion by the end of this decade, Russian First Deputy Prime Minister Andrey Belousov has said.
Speaking at a meeting of the Russia-China intergovernmental commission in Beijing this week, Belousov said China has long been among Russia’s major trade partners and that the scope of investment opportunities for the two countries is expanding.
“Since the beginning of 2023, bilateral trade turnover has increased by a third. There has been noticeable progress in trade in metallurgical products, chemicals, food, equipment and vehicles,” he stated.
Trade between the two countries will exceed the target of $200 billion this year, which was earlier expected to be reached only in 2024, the deputy prime minister said.
According to Chinese customs data, trade turnover between Russia and China increased by 29.5% in the first three quarters of 2023, amounting to almost $176.4 billion.
READ MORE: De-dollarization in Russia-China trade almost complete – minister
Russian-Chinese trade has been booming in light of Western sanctions imposed on Russia and ongoing trade disputes between the US and China. Russia has been supplying China primarily with energy products, such as oil and gas, as well as refined products, agri-food and industrial products. China has been exporting almost all types of goods, including food, equipment, mobile phones, electronics, engineering products, cars, furniture, toys, textiles, clothing and footwear.
For more stories on economy & finance visit RT’s business section
