Optimistic signals from Russia-China trade

On November 7, Reuters news agency cited data from the General Administration of Customs of China as saying that the country's exports to Russia continued to grow in October 2023, going against the trend in other regions.

China's exports to Russia continue to grow at double-digit rates. (Source: Bloomberg)

Specifically, the total export turnover of Chinese goods to Russia in October increased by 17% over the same period last year, to 8.69 billion USD.

Although the growth rate slowed from September's 21% increase, the result was still upbeat compared with the 6.4% drop in China's total exports in October.

Meanwhile, imports of goods from Russia into the Northeast Asian country also increased by 9% last month to 11.11 billion USD.

China has emerged as an important economic “lifeline” for Russia, which is under Western sanctions as its military campaign in Ukraine continues.

Data from Chinese customs shows that China-Russia bilateral trade volume reached 196.48 billion USD in the first 10 months of 2023, up 27.7% year-on-year.

In late October, businesses from both countries signed a series of cooperation agreements in areas ranging from manufacturing, logistics, to e-commerce and agriculture in China's northeastern province of Liaoning.

Russian energy giant Gazprom says it is working on infrastructure designs for a gas pipeline from Russia's Far East region of Sakhalin to China.

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