Oil supplies from the Russian Federation to China increased by 24% over the year, their cost by 3.5%
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Russia increased oil supplies to China in 2023 by 24%, to 107 million tons. At the same time, the cost of supplies increased by 3.5% year-on-year, to $60.6 billion. This follows from data from customs statistics of the PRC, which are provided by TASS.
Russia retained its leadership among oil suppliers to China. Saudi Arabia supplied 86 million tons, Iraq – 59 million tons.
Exports of liquefied natural gas from the Russian Federation to China amounted to 8 million tons, which is 23% more than in 2022. Russia ranks third in terms of supplies after Australia (24.2 million tons) and Qatar (16.7 million tons).
Chinese exports to Russia last year, as previously reported, grew by 46.9%. In the opposite direction, supplies increased by 12.7%, the trade balance remained positive for Russia. The growth was noted against the backdrop of a surge in consumer activity in the Russian Federation and a reorientation of its imports to China as the most accessible market for the purchase of equipment. For Chinese suppliers, the Russian market became one of the few destinations where supplies grew; exports to the USA and Europe decreased by more than 10% over the year.
Read more about mutual trade in the Kommersant article. “Turn with the East”.
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