Moscow: Data released on Tuesday by the Chinese General Administration of Customs showed that trade between Russia and China has continued to increase since reaching historic highs in 2022, with both exports and imports growing at double-digit rates.
The agency reports that bilateral trade increased by 36.5% between January and July of last year, totaling $134.1 billion. Chinese exports to Russia increased 73.4% during the reporting period compared to the prior year, totaling $62.5 billion. The imports from Russia by the economic powerhouse of Asia increased by 15.1% to $72 billion.
Trade between the two nations totaled $19.4 billion in just July, with Chinese exports coming in at $10.2, just slightly more than Russian imports of $9.2 billion.
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By the end of 2022, trade between Russia and China had reached a record $190.3 billion, up 29.3% annually. It is expected to surpass a goal of $200 billion this year, and both nations have insisted that a milestone of $250 billion annually is "absolutely realistic."
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The mutual decision to carry out the majority of transactions in the countries' own currencies instead of the US dollar has strengthened Russia-China economic ties. In light of the sanctions imposed on Russia and the ongoing US trade war with China, Moscow and Beijing have both intensified efforts to reduce reliance on the dollar and euro in global trade