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Russia-China Trade Hit $80 Billion Target in 2017 After 20% Growth

Will grow even more in 2018 on the account of a new oil pipeline that was just opened.

  • More and more of this trade is conducted in ruble and yuan

Russia hit its target of boosting trade turnover with China to over $80bn in 2017, the China’s General Administration of Customs said in a report published on January 12.

Trade between the two allies increased by a fifth (20.8%) to $80.07bn, the report said. Trade has been growing steadily from a low of around $5bn a year in the 90s. Before the crisis Russian president Vladimir Putin set a goal of $100bn of trade turnover, but the crisis knocked trade back to around $60bn a year. Now the goal is to reach $200bn by 2020, which would put trade with China on a par with Russia’s trade with the EU.

Chinese exports to Russia grew by 14.8%, to $42.88bn. At the same time, imports of Russian goods to China increased by 27.7%, to $41.2bn, the report said as cited by TASS.

In December 2017 alone, trade turnover between the two states stood at $8.13bn. Russia imported Chinese goods worth $4.06bn and exported goods worth $4.07bn to China in the reported period.

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In 2016, trade turnover between Russia and China grew by 2.2% year-on-year, to reach $69.52bn.

Source: bne IntelliNews

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