The Far Eastern Federal District saw a notable uptick in trade activity with Asia-Pacific economies during 2023, signaling a shift in regional commerce patterns. This trend was highlighted by Ruslan Davydov, the acting head of Russia’s Federal Customs Service, who confirmed the growth in overall turnover and provided context for the broader economic movements shaping the area.
Davydov reported that the district’s trade volume stood at 47 billion dollars for the year, marking an increase of more than 10 percent from the previous year. This rise reflects stronger engagement with Asia-Pacific partners and illustrates how Russia’s border-free and cross-border trade corridors are contributing to higher levels of commercial exchange across the region.
In explaining the strategic ambitions behind the numbers, Davydov noted that Russia had set a goal of achieving a 200 billion dollar trade turnover with China and surpassed expectations to reach a substantial milestone. He pointed out that China remains the dominant supplier of goods to Russia, accounting for a large share of imports—about 72 percent of all goods entering the country originate from China. This dependency underscores the importance of China in Russia’s import structure and the broader economic linkage between the two nations.
Earlier observations by officials indicated that Russia rose to a prominent position among China’s foreign trade partners in 2023, benefiting from shifts in global trade dynamics. Ivan Zhelokhovtsev, the Director of the First Asia Department, noted that trade movements between China and the United States, Japan, and the Republic of Korea had become more restrictive or negative in certain segments. As a consequence, Russia climbed to fourth place among Beijing’s major foreign trade partners, signaling a reallocation of trade momentum in the region and an opportunity for expanded Russian export and service offerings.
Zhelokhovtsev also highlighted that a substantial portion of the agreements between Russia and China is now conducted in domestic currencies. This trend toward settlement in rubles and yuan reflects a broader push to reduce currency risk and increase financial resilience in bilateral trade. The estimated bilateral turnover, pegged at around 20 trillion rubles, equates to roughly 1.6 trillion yuan, underscoring the scale of financial exchange underpinning sustained commercial collaboration between the two countries.
On the diplomatic front, remarks from former ambassadors and senior officials have framed ongoing discussions as a platform for deepening strategic cooperation. The prospect of high-level talks between the leadership in Moscow and Beijing continues to shape expectations across markets and policy circles. The emphasis on currency-based trade, regional development initiatives, and enhanced supply chain alignment points to a broader vision of stable, durable economic ties that can weather global shifts in demand and policy. In this environment, the Asia-Pacific corridor remains a critical conduit for trade, investment, and technological exchange, with Russia positioning itself as a key partner in the evolving regional economy.