Exports of Russian goods to China in the first half of 2024 increased by 4% compared to the same period in 2023 to $65.2 billion, Vedomosti writes, citing data from the General Administration of Customs of China.
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China imported the most mineral fuels, oil and their distillation products in January-June 2024: for a total of $50 billion versus $47 billion a year earlier. Experts also draw attention to the growing share of China in the structure of Russian foreign trade: if in 2013 it was at the level of 10%, then in 2023 it has already increased to 33%.
Trade turnover between Russia and China is growing steadily. From January to June 2024, the figure increased by 2% compared to the same period in 2023 to $116 billion. At the end of 2023, trade turnover increased by 26.3% to $240 billion. In the summer of 2023, the Ministry of Economic Development announced plans to increase trade turnover with China by 2030 up to $300 billion.
In addition, there are positive trends in non-resource exports to China. ACRA corporate ratings group expert Anton Trenin points out that agricultural products have become one of the most significant non-resource exports from Russia to China in recent years.
In 2023, Russia more than doubled its exports of agricultural products, raw materials and food to China in physical terms, becoming the third largest supplier of this product group, he says, citing data from the Agroexport center. In monetary terms, supplies increased to $8.8 billion, which is about 7% of the total volume of Chinese imports from Russia, the analyst specified. The main share falls on fish and seafood, as well as fat and oil products, he emphasized.
At the end of 2023, supplies of vegetable oil to China doubled (the main volumes were sunflower and rapeseed oil). In January – March 2024, Russia exported more than 276 tons of ice cream to China, which is almost 5 times more than the same period last year.
Cargo from China increasingly has to be transported to Russia by road.
Postal exports from Russia to China grew by 11% in 6 months of 2024
