China and Russia Strengthen Ties Through Trade... 40% Increase in Exports and Imports This Year

China Sees Trade Decline with South Korea, the United States, and Other Countries

China and Russia are also demonstrating strong ties through trade.

According to CNN on the 7th (local time), the trade volume between China and Russia from January to May this year reached $93.8 billion (approximately 122.5 trillion KRW). This represents a 40.7% increase compared to the same period last year.

According to data released the previous day by the General Administration of Customs of China, the amount China exported to Russia since January this year was $42.96 billion (approximately 56 trillion KRW), marking a 75.6% increase compared to the same period last year.

Xi Jinping and Vladimir Putin shaking hands after signing a joint statement in March this year [Image source=Yonhap News]

During the same period, the amount China imported from Russia was $50.86 billion (approximately 66.3 trillion KRW), which is a 20.4% increase compared to last year.

Both the total trade volume between China and Russia and China’s total exports have increased at the largest rate since the Ukraine war.

Experts interpret that Russia, which has faced unprecedented Western sanctions such as expulsion from the international financial system following last year’s invasion of Ukraine, is overcoming its crisis through exchanges with China.

Last month, Russian Prime Minister Mikhail Mishustin predicted that trade with China this year would exceed $200 billion (approximately 260 trillion KRW).

Meanwhile, China is showing a decreasing trend in trade volume with most other countries.

The largest declines were seen in trade with South Korea, Taiwan, New Zealand, and the United States, which previously had high trade volumes. Trade with Taiwan decreased by 25.5%, and trade with the United States dropped by 12.3%. Trade with South Korea fell by 15.5%, and trade with Japan decreased by 10.4%.

In particular, the share of China in total U.S. goods imports recently fell to its lowest level since 2006. China accounted for 15.4% of U.S. goods imports over the past year through April, marking the lowest level since October 2006.