Official data show a strong rise in trade between China and the Russian Federation during 2023, with total bilateral turnover climbing to 240.11 billion dollars, up 26.3 percent from the prior year. This record figure reflects a broad uptick in cross border activity and highlights the growing importance of the China Russia corridor in global trade analytics. Source: General Administration of Customs of the People’s Republic of China, as reported by TASS. [Source attribution: General Administration of Customs of the PRC]
Further breakdown from the same ministry reveals a notable shift in trade composition. Exports from China to Russia rose by 46.9 percent, reaching about 110.97 billion dollars, while imports of Russian goods into China increased by 12.7 percent, totaling roughly 129.14 billion dollars. This pattern indicates a stronger outbound dynamic from China with a parallel but more modest inbound growth from Russia, suggesting evolving supply chains and demand trends between the two economies. [Source attribution: Ministry of Commerce data, PRC]
The bilateral balance of trade for the Russian Federation in the most recent twelve months shows a contraction relative to the 2022 cycle, decreasing to around 18.17 billion dollars. The shift signals changes in relative pricing, commodity flows, and perhaps adjustments in market sentiment as both economies adapt to geopolitical and macroeconomic conditions. [Source attribution: official trade statistics]
In a broader policy note issued in December, Russia and China were reported to have moved toward using national currencies for mutual transactions, a development that could influence settlement mechanisms and reduce exposure to third party currencies. The shift aligns with several public statements about currency diversification and financial cooperation within their growing strategic partnership. [Source attribution: government statements and executive briefings]
At the presidential level, remarks in November underscored Beijing’s willingness to deepen ties with Moscow through sustained engagement and practical cooperation across multiple sectors. The emphasis on strengthening bilateral ties underscores the strategic importance assigned to the relationship by both sides and reflects ongoing policy coordination in trade, energy, and technology. [Source attribution: state media summaries]
Observers also highlighted the trend by noting remarks from international security and policy circles, with analysts describing the relationship as one of increasingly aligned interests and shared economic objectives. While the language varies, the consensus points to a relationship that continues to mature in ways that influence regional dynamics and global supply chains. [Source attribution: policy analysis briefings]