First time! What products does China import from Russia when the trade between China and Russia exceeds 200 billion US dollars?

release time:2023/12/15

According to data released by the customs, China's exports reached 2.1 trillion yuan in November this year, a year-on-year increase of 1.7%. Calculated in US dollars, exports for that month were close to 300 billion US dollars, a year-on-year increase of 0.5%.
It is very rare that China's exports finally turned positive in November, breaking free from consecutive months of negative growth, and both RMB and USD denominated exports have returned to positive growth.
In addition, in the trade data between China and other countries, the data on China Russia trade once again stands out and attracts attention.
Firstly, ASEAN, the European Union, and the United States remain the top three trading countries in China, with ASEAN being the largest trading country. In the first 11 months of this year, China's trade volume with ASEAN, the European Union, and the United States reached 825.5 billion US dollars, 716.3 billion US dollars, and 607 billion US dollars, respectively.
However, due to the lack of significant warming in the European and American consumer markets, China's exports to these three major markets are still declining. In the first 11 months of this year, China's exports to ASEAN, the European Union, and the United States decreased by 5.5%, 11%, and 13.8%, respectively.
However, the trade volume between China and Russia continues to rise. In the first 11 months of this year, the trade volume between China and Russia exceeded 200 billion US dollars for the first time, achieving the target of 200 billion US dollars ahead of schedule. The specific data is 218.1 billion US dollars, a year-on-year increase of 26.7%.
Among them, China's exports to Russia amounted to $100.3 billion, a year-on-year increase of 50%, while imports from Russia amounted to $117.8 billion, a year-on-year increase of 11.8%. Both import and export trade volume, as well as export and import volume, have achieved double-digit growth, with exports skyrocketing by 50%.
In November, the trade volume between China and Russia reached 21.5 billion US dollars, with exports to Russia reaching 11.2 billion US dollars and imports from Russia reaching 10.3 billion US dollars. The trade surplus between China and Russia in that month was 900 million US dollars, while the trade deficit between China and Russia in the first 11 months of this year was 17.5 billion US dollars, indicating that China's exports to Russia are growing rapidly and have gradually achieved a surplus.
In the first 11 months of this year, the trade volume between China and Russia has reached 218.1 billion US dollars. Based on the monthly trade volume, it is expected that the trade volume between China and Russia will reach 230 billion US dollars this year, which is not a problem, and may even exceed 240 billion US dollars.
How fast is the growth rate of Sino Russian trade?

It should be noted that in the first 11 months of this year, the trade volume between China and Germany was 189.5 billion US dollars. Germany is the country with the highest trade volume with China within the European Union, and the trade volume between China and Vietnam reached 206.3 billion US dollars. Vietnam is the country with the highest trade volume with China within ASEAN, which has been surpassed by Russia one by one.

Even surpassing resource exporting countries like Australia, the trade volume between China and Australia reached 208.7 billion US dollars in the first 11 months of this year, which is lower than the trade volume between China and Russia. However, the trade volume between China, Japan, and China and South Korea reached 290 billion US dollars and 283.4 billion US dollars respectively. According to the growth rate of China Russia trade, it has quickly approached the trade volume between China and Japan and South Korea.
The proportion of China Russia trade in China's total import and export volume continues to rise. So, what products did China import from Russia and what products did it export to Russia?
Firstly, China has imported energy products, metal products, wood products, fish and meat, fertilizers, plastics, rubber and other products from Russia, with energy products accounting for as high as 70% -80%, especially oil, natural gas, coal, and iron ore, with oil imports accounting for the highest proportion.
Secondly, China exports electromechanical and consumer goods, textiles, automobiles and parts, furniture and toys, metal products, minerals and ceramics, chemicals, rubber products, etc. to Russia.
Among them, the products that China exports the most to Russia are electromechanical and electronic consumer goods, accounting for up to 40%. Automobile exports are also growing rapidly. As of the end of September this year, Chinese brand cars have accounted for 53% of the Russian automobile market, and their market share is continuously increasing.
At the beginning of 2022, the market share of Chinese brand cars in the Russian market was only 9%. In the first nine months of 2022, it rapidly increased to 26%, and by the first nine months of 2023, it had reached 53%, showing a very rapid growth.
It can be found that there is strong complementarity in trade between China and Russia. China is the world's largest industrial country, with a huge demand for energy. However, our own energy is not enough and we need to import a large amount, especially oil and natural gas, which Russia does not lack the most.
At the same time, Russia's light industry is lacking and requires a large number of industrial electromechanical products, as well as various commodities such as electronic consumption, automobiles, furniture, etc. These are all advantageous products made in China.
In short, Russia has all the energy products we need, and we also have all kinds of goods that Russia needs, even those that Russia doesn't need, we still have!

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