China-Russia trade turnover to reach $220 billion

Russia’s Minister of Economic Development, Maxim Reshetnikov, said that Russian-Chinese commercial turnover is quickly expanding and might reach $215–220 billion this year.

“We will probably exceed $200 billion this year. Some estimates vary from $215 billion to $220 billion. He told reporters, We’ll see closer to the conclusion of the year,” Reshetnikov said.

He claimed that Russia and China would finish the job of meeting the trade volume established by the presidents of the two nations for 2024 ahead of time.

“Our commerce with China increased even during the most difficult epidemic years.” Our industry is being fundamentally revamped. When we look at [our] country’s overall trade data, we discover that rubles and yuan account for 68% of our commerce. And we already do 95% of our business with China in rubles and yuan,” Russia’s Minister of Economic Development noted.

“Russian-Chinese commerce usually remains balanced, and the grounds for its expansion have already been formed, with logistics functioning efficiently,” according to Reshetnikov.

Trade transactions between the two nations climbed by 29.5% from January to September, totaling $176.41 billion, according to figures from China’s General Administration of Customs. Chinese exports rose 56.9% to $81.43 billion, while Russian Federation imports rose 12.7% to $94.98 billion.