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Trade turnover between Russia and China by the 2024 year increased by 1.9% to $244.8 bln

Товарооборот между Россией и Китаем по итогам 2024 года вырос на 1,9% до $244,8 млрд

Trade turnover between Russia and China, according to data from the China Customs China, by 2024 2024 year increased by 1.9% against  the same 2023 year and reached $244.8 billion. With this volume of China’s supplies to Russia increased by 4.1% to $115,499 billion, the volume of RF supplies to PRC remained at the 2023 year and amounted $129.32 billion.

humphery/Shutterstock/Fotodom

humphery/Shutterstock/Fotodom

The rate of growth of Russian-Chinese trade significantly decreased – in 2023 year the turnover of China and Russia increased byRussian-Chinese business: totals 2024 year and trends future” Chairman Russian-Asian Business Council (RABC) Maksim Kuznetsov. At the same time the fast solution of the problem of bilateral settlements is not expected – the payment system BRICS only in after a few years will be able to design capacity.

For the current moment for future growth of Russian-Chinese turnover new drivers of bilateral development, the expert considers.energy projects and replacement of dropping volumes of European imports have already realized themselves. New factors of growth could be the realization of new bilateral investment projects, creation of joint manufacturing chains, localization of production of products of Chinese manufacturers, in including including machinery and equipment, in Russia. A also obliterating access of some species of agro-industrial products to Chinese market. 

“In previous years it was the removal of non-tariff restrictions that stimulated the growth of Russian supplies to China – as soon as the bans on chicken were lifted, we have significantly increased agroexports. When the restrictions on beef supplies were lifted there was significant growth as well.The easing of restrictions and partial lifting of their removal in high degree are factors of the growth of bilateral trade turnover”, – Maxim Kuznetsov noted.

The key problems of imports expert also noted significant increase in prices for some species of products, and the fact that a number of importers have to pay for goods from China with the commission of financial agents.

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style=”text-align:right;”>YuliaSinitsina,Retail.ru

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