FX.co ★ Chinese trade with Russia jumps almost 30%

Western sanctions have prompted a surge in trade between Russia and China. According to China's General Administration of Customs, the country's overall trade with Russia rose to $38.17 billion in January-March, up by 28.7% from a year earlier.

While state-owned and large Chinese companies are pulling out of business with Russian partners or leaving the market, Chinese individuals are eagerly supplying their goods to shops. As for Russia, it supplies China with energy at a steep discount. However, even this has not prevented an increase in overall trade. Notably, China’s exports to Russia surged by 25.9% to $16.44 billion, while imports from Russia grew by 31% and totaled $21.73 billion. In 2021, overall trade between Russia and China hit a record high of $146.88 billion, having soared by 35.8%.

At the same time, the Chinese government is not going to mitigate the impact of sanctions on the Russian economy. Neither big Chinese commercial banks nor state ones dare to take the risk of helping Russia. Meanwhile, the two countries increasingly trade with each other without using dollars. However, such settlements accounted for just over a third of Russia's exports to China last year.