The Federal Customs Service expects trade turnover between Russia and China to grow to $220 billion – Kommersant

By the end of 2023, trade turnover between Russia and China could reach $220 billion, wrote Acting Head of the Federal Customs Service (FCS) of the Russian Federation Ruslan Davydov in a column for RBC. According to him, since the beginning of the year, an increase in Russia’s trade turnover has been observed primarily with China.

Over the nine months of 2023, trade turnover between Russia and China increased by 27% compared to the same period last year (equivalent to an increase of $35 billion, Mr. Davydov said. Cargo turnover over the same period of time increased by almost 38% or 56.4 million tons .

In October, the Customs Administration of the People’s Republic of China reportedthat trade turnover between Russia and China in the three quarters of 2023 increased by 29.5%, to $176.4 billion. China imported goods worth $81.4 billion to Russia during the reporting period, which is 56.9% more year-on-year . Supplies from Russia to China increased by 12.7%, to almost $94.9 billion.

At the end of 2022, trade turnover between the two countries increased by 29.3%, to a record $190.271 billion. Russian Foreign Ministry reportedthat the share of settlements in national currencies between Russia and China exceeds 80%. Russian President Vladimir Putin, during his visit to Beijing, said that trade turnover between the two countries by the end of 2023 will exceed $200 billion.

Read more in the Kommersant article. “Market of Agricultural Opportunities”.

Lusine Balasyan