Russo-China trade turnover rises 1.9% to $244.81bn in 2024

Russo-China trade turnover rises 1.9% to $244.81bn in 2024

Russia's mutual trade with China has long since surpassed the goal of hitting $200bn and was up 1.9% in 2024 to hit a new high of $245bn. / bne IntelliNews

By bne IntelliNews January 13, 2025

Mutual trade turnover trade between China and Russia reached a new record high of $244.81bn in 2024, marking a modest 1.9% increase from the previous year, according to China’s customs authority, reports TASS.

China’s imports from Russia were virtually flat at $129.32bn, while exports to Russia rose by 4.1% to $115.49bn. The trade surplus in Russia’s favour fell significantly, decreasing 23.8% y/y to $13.83bn, and is mainly based on oil exports to China.

In December alone, trade between the two nations surged by 7.1% month-on-month to $21.97bn, bolstered by a 6.2% rise in imports from Russia, totalling $10.67bn, and a 7.9% increase in Chinese exports, which reached $11.3bn.

Trade between the two countries had grown by 29.3% in 2022, reaching $190bn, before accelerating further in 2023 with a 26.3% rise to $240.11bn.

The slowdown in growth in 2024 is part of the Russia’s economy is cooling as the military Keynesianism effects wear off. China has been exporting dual use goods and other industrial machinery to help Russia avoid sanctions. In July last year, Nato directly accused China of supplying Russia with arms for the first time but provided no evidence of the export of specific military products travelling from Beijing to Moscow. Nevertheless, Chinese exports have been key to allowing Moscow to maintain its war effort in Ukraine.

#macro #trade #China #Russia #bneChart

Read in IntelliNews Pro

Get IntelliNews Pro

Related Content

China hit its ambitious renewable energy targets six years ahead of schedule

Pakistan, Bangladesh strengthen ties in post-Hasina era

Musk urged to knock Turkish drones out of global market

China hit its ambitious renewable energy targets six years ahead of schedule

Pakistan, Bangladesh strengthen ties in post-Hasina era

Musk urged to knock Turkish drones out of global market

Data

“Disappointing” PMI data shows solid scaleback of Turkish manufacturing in January

No take-off as demand conditions remain subdued.

Russian manufacturing PMI growth up a robust 53.1 points in January from 50.8 points a month earlier

Russia’s manufacturing sector expanded at its fastest pace in six months in January, driven by a surge in domestic demand and a rise in new orders, according to the latest S&P Global Russia Manufacturing Purchasing Managers’ Index data.

Polish manufacturers start 2025 on slightly more upbeat note

Poland's Purchasing Managers' Index increased 0.6 points to 48.8 in January, the economic intelligence company S&P Global said on February 3 (chart).

Czech PMI improves to 46.6 in January

The figure was up on 44.8 registered in December and 46 registered in November, but still below the 50-point mark separating growth and decline, where the index has remained since June 2022.

Turkey's official headline inflation slows to 42% y/y in January

"Unofficial" calculation from ENAG shows figure of 81%. Monthly inflation moves up partly on minimum wage hike.

“Disappointing” PMI data shows solid scaleback of Turkish manufacturing in January

Russian manufacturing PMI growth up a robust 53.1 points in January from 50.8 points a month earlier

Polish manufacturers start 2025 on slightly more upbeat note

Czech PMI improves to 46.6 in January

Turkey's official headline inflation slows to 42% y/y in January

Dismiss

Chat with usLiveChat