Trade balance between Russia and China

20 September 2023

China has strengthened its status as Russia's leading foreign trade partner. Its share in exports of goods from Russia amounted to 27% in August 2023, its share in imports of goods to Russia - 45%, and in trade turnover - 35%, following from the data of the Central Bank of Russia on the balance of payments and information from the General Administration of Customs of China. In January 2022, the PRC accounted for 21% of our country's foreign trade, and in 2021 - 18%.

The importance of Russia in China's trade turnover has also grown, but it is still not so great - only 4%. The EU's share in 2022 was 13%, and the US's was 12%. In January-August 2023, Russia imported $72 billion worth of Chinese goods, 63% more than in 2022. It was mainly machinery, which accounted for 61%. But exports of goods from Russia to China grew by only 13%, amounting to $83 billion. They are represented mainly by raw materials (oil and oil products, gas, coal, metals, timber - their share was 87%).

Source: Sino-Russian Investment Law