According to a new release of data by Chinese customs authorities, over the first ten months of the year, trade between Russia and China has surged by 27.7% year over year, hitting $196.48 billion.
Exports from China to Russia increased by a impressive 52.2%, adding up to almost $90.08 billion, as Chinese imports from Russia rose 12.4%, reaching $106.4 billion.
In October alone, trade turnover added up to almost $19.8 billion, with Russian shipments of goods to China totaling $11.1 billion, and imports from China totaling $8.68 billion.
Russia-China trade for September added up to $21.1 billion, according to the data. In the course of that month, exports from China to Russia hit $9.6 billion, as supplies from Russia delivered to China added up to $11.5 billion.
For over a decade, Russia’s biggest trade partner has been China, which has supplied the Russian market with cars, machinery, electronic goods, and other products. In return, Russia has supplied China with crude oil and other fossil fuels.
Beijing and the Kremlin set a goal in 2019 to achieve $200 billion in bilateral trade by 2024. However presently the nations are on track to pass that target well ahead of time.
In September, speaking at the 8th Eastern Economic Forum (EEF) in Vladivostok, Russian President Vladimir Putin said that China-Russia trade was presently on track to, for the first time, potentially surpass the $200 billion mark this year.
