Why China is reducing trade with the US and increasing – with Russia

China’s foreign trade volumes continue to decline amid slowing demand in developed economies, while maintaining strong growth in trade with Russia, follows from the data of the General Administration of Customs of China for the first five months of this year. In January-May, China’s total trade with other countries decreased by 2.8% compared to the same period in 2022: exports increased by 0.3%, imports decreased by 6.7%. Earlier, according to the results of January-April, the department reported a decrease in the turnover of China’s foreign trade by 1.9%, an increase in exports by 2.5% and a drop in imports by 7.3%.

China’s trade with its main trading partner, the United States, is on a significant decline: its total volume fell by 12.3% (a drop in exports by 15.1% and imports by 3.6%) in the first five months of 2023 compared to last year. At the same time, the rapid growth of trade with Russia continues, its total volumes increased by 40.7% (an increase in exports by 75.6% and imports by 20.4%).