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Turnover between the two nations topped $244 billion in 2024, according to customs data
The value of trade turnover between China and Russia reached a record high last year, the Chinese customs agency has reported.
Trade value hit 1.74 trillion yuan ($244.8 billion), driven by a 4% increase in Chinese exports to Russia, the General Administration of Customs (GACC) announced on Monday. Overall, the trade turnover between the two nations grew by 1.9% year-on-year.
In 2023, bilateral trade between China and Russia reached $240 billion, posting a 26.3% growth. The figures cemented China’s position as Russia’s largest trading partner for 14 consecutive years.
“I believe that Russian-Chinese economic ties have great prospects,” Russian President Vladimir Putin said last year.
Chinese President Xi Jinping shared a similar view in his New Year address earlier this month, saying that the two countries have always moved forward “hand in hand.”
Moscow’s ambassador to China confirmed in late December that Xi plans to visit Russia this year.
The increase in trade turnover with Russia comes as part of an overall increase of China’s foreign trade, which hit a record high in total value in 2024. According to the GACC, the nation’s total goods imports and exports reached roughly $6.1 trillion last year, up 3.8% year on year.
China accounts for more than a third of Russia’s foreign trade, according to the latest data from Russia’s Federal Customs Service. India is Moscow’s second-largest trading partner and Türkiye is third.
