Bilateral trade numbers jumped from US$147.3 billion in 2021 to US$244.8 billion last year
Trade between and reached a historic milestone in 2024, but for the first time since the invasion of , the rate of growth began to slow. Since the start of the conflict, Russia has faced strict sanctions imposed by the West, but even so, it managed to register a 3.9% growth in its GDP in 2023, driven mainly by transactions with allies such as China.
Bilateral trade figures jumped from US$147.3 billion in 2021 to US$244.8 billion in 2024, with Russia running a surplus. However, the growth rate of trade fell drastically, falling from 26.3% in 2023 to just 1.9% in 2024 according to figures from the Chinese General Administration of Customs. China’s exports, which saw a significant increase of 53.9% in the previous year, now showed a modest growth of just 4.1%.
Pressure from Western sanctions and threats of secondary sanctions against financial institutions that support transactions with Russia have affected China’s commercial interest. Furthermore, the growing presence of Chinese vehicles on the Russian market led the Russian government to implement a surcharge on these products, reflecting a change in trade dynamics.
Russia’s gas and oil imports have been redirected, with China and India becoming the main destinations. The has also emerged as a significant market for Russian diesel. Despite the difficulties, China is seeking to diversify its trade relations, especially in a scenario where import tariffs from the United States may increase.
One of the objectives of commercial relations between countries is de-dollarization, although currently 85% of transactions are still carried out in dollars. Within the Brics bloc, there is a growing movement to promote bilateral business using local currencies, although the creation of a common currency still seems a distant goal.
*Report produced with the help of AI
Published by Fernando Dias
