RT.com
07 Dec 2022, 19:43 GMT+10
Trade turnover between the two countries has reportedly jumped by 32% compared to last year
Trade between Russia and China has soared this year, reaching a record $172.4 billion between January and November, according to data from China's General Administration of Customs, released on Wednesday.
It represents a 32% increase compared to last year's figures. Data shows that, in November alone, trade turnover between the two countries reached $18.2 billion.
China exported $67.3 billion worth of goods to Russia during the reporting period, an increase of 13.4% compared to the same period in 2021, while shipments from Russia to China surged by 47.5% to $105.072 billion.
Commerce has been benefiting from Beijing's increased purchases of Russia's energy commodities. In response to Western sanctions, Moscow offered discounts on its fossil fuels to secure new buyers, and Beijing has been taking advantage of those discounts over the past several months.
Chinese imports of Russian coal between January and October surged to 53 million tons, making Russia its second-largest coal supplier after Indonesia. Beijing has also been stocking up on Russian oil, with imports surging 9.5% to nearly 72 million tons in the first 10 months of the year.
Moscow and Beijing had previously set a goal of increasing mutual trade to $200 billion by 2024. Beijing's ambassador to Moscow recently noted, however, that turnover could hit that level later this year.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of China National News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to China National News.
More InformationNEW DELHI - India is preparing to scrap import taxes on U.S. ethane and liquefied petroleum gas (LPG) as part of ongoing trade negotiations...
TOKYO, Japan: Facing the pressure of new U.S. tariffs, Honda is weighing a shift in its production strategy that could see more of...
BEIJING, China: China will raise battery safety standards for electric and plug-in hybrid vehicles, aiming to tackle fire and explosion...
HANOI, Vietnam: During Chinese President Xi Jinping's visit to Hanoi this week, China and Vietnam agreed to take the first steps toward...
FORT WORTH, Texas: American Airlines will begin offering free high-speed Wi-Fi to passengers in January 2026, joining a growing list...
LONDON, UK: Electric vehicle sales surged globally in March, with strong growth in China and Europe offsetting slower momentum in North...
TOKYO, Japan: Facing the pressure of new U.S. tariffs, Honda is weighing a shift in its production strategy that could see more of...
HONG KONG - Mail services between Hong Kong and the United States are the latest casualty in an escalating trade dispute, with Hong...
BEIJING, China: China will raise battery safety standards for electric and plug-in hybrid vehicles, aiming to tackle fire and explosion...
HANOI, Vietnam: During Chinese President Xi Jinping's visit to Hanoi this week, China and Vietnam agreed to take the first steps toward...
The Australian Federal Police (AFP) are appealing to the public for assistance in locating Michael Connors, a 25-year-old Irish national...
ABOARD AIR FORCE ONE/TOKYO: U.S. President Donald Trump reaffirmed his opposition to a foreign takeover of U.S. Steel, casting renewed...