The Russian Ambassador to China assessed the pace of development of economic cooperation with China

Bilateral trade and economic cooperation between Russia and China is expanding at an accelerated pace, declared Russian Ambassador to China Igor Morgulov at a reception at the Russian embassy in China on the occasion of Russia Day. According to him, the volume of mutual trade between the countries reached $94 billion in the first five months of this year.

“Bilateral trade and economic cooperation is expanding at an accelerated pace. Mutual trade demonstrates faster growth: over the past five months of this year, its volume reached $94 billion, an increase of more than 40%,” the ambassador said during his speech.

Morgulov noted that while maintaining such dynamics, the countries will be able to fulfill the task previously set by the heads of state of increasing the annual trade turnover to $200 billion ahead of schedule.

From data released in April by China’s General Administration of Customs shouldthat the trade turnover between Russia and China in the first quarter of 2023 increased by 38.7% compared to the same period last year. In the first three months of 2023, the volume of exports and imports amounted to $53.845 billion. In March alone, the trade turnover exceeded $20 billion.

In May, the Prime Minister, speaking at the plenary session of the Russian-Chinese Business Forum in Shanghai, declaredthat Russia became the seventh largest partner of China in terms of trade turnover in the first quarter of 2023. The volume of mutual trade in 2021-2022. grew by about a third annually, Mishustin recalled. Last year, turnover was about $190 billion.