China Russia trade is expected to exceed 200 billion US dollars this year

The 8th Eastern Economic Forum, with the theme of "Towards Cooperation, Peace and Prosperity", opened on September 10th in Vladivostok, Russia and will continue until September 13th. This forum attracted approximately 7000 representatives from over 50 countries and regions, including China, Myanmar, India, Mongolia, and Laos.

Russian President Putin delivered a speech at the plenary session of the Eastern Economic Forum on the 12th, stating: "We hope that our trade and overall economic relations with countries in the Asia Pacific region can continue to develop. The entire Russia and our Far East region are open to strengthening trade and collaborative relations, and the potential for such cooperation cannot be underestimated." Putin also stated during the forum that the development of the Far East has become a new growth point for cooperation between Russia and China.
1、 The prospects for Russia China trade cooperation are bright!
Russian President Putin and Chinese Vice Premier Zhang Guoqing held a meeting during the Eastern Economic Forum, and Putin stated that the trade volume between Russia and China may reach 200 billion US dollars by 2023. Chinese experts stated in an interview with the Russian satellite news agency that the achievement of this goal indicates a good development trend of cooperation between the two countries. In the future, cooperation will be driven by three wheels: trade, investment, and industry. On the basis of continuously deepening cooperation, common development will be achieved, bringing more opportunities to the two countries and making positive contributions to the prosperity and stability of the entire region.
Vladimir Zakharov, a Russian diplomat and lecturer at the National Research University of Economics, stated that the Russian market is becoming increasingly promising and promising for China, and the same is true for Russian goods in the Chinese market. Zakharov said, "According to my estimation, the trade volume between Russia and China will reach 200 billion US dollars in November this year, and Russia may become China's fifth or sixth largest trading partner after ASEAN, the European Union, the United States, Japan, and South Korea.
2、 The enthusiasm for local cooperation between China and Russia is high!
In 2022, the trade volume between China and Russia increased by 29.3%, reaching a record high of 190.271 billion US dollars. The leaders of China and Russia have previously set a goal of doubling the trade volume between the two countries from $100 billion annually to $200 billion by 2024. According to statistics from the General Administration of Customs of China, from January to August 2023, the trade volume between China and Russia increased by 32% year-on-year, reaching $155.101 billion. Among them, China's exports to Russia reached 71.804 billion US dollars, an increase of 63.2%; China's imports from Russia reached 83.297 billion US dollars, an increase of 13.3%.
The "Russia China" business dialogue under the framework of the 8th Oriental Economic Forum was held on September 12th in Vladivostok. Representatives from both China and Russia discussed promoting the diversification of economic and trade cooperation structures between the two countries, strengthening investment and industrial cooperation in the Far East, and called for further improvement and upgrading of economic and trade cooperation between the two countries.
Russian Minister of Far East and Arctic Development Chekunkov said in a video speech that China is Russia's largest partner in the Far East region, and with the joint efforts of both sides, bilateral trade has developed rapidly. In recent years, after projects such as the Tongjiang Zhuzha Ningskoye Boundary River Railway Bridge and the Sino Russian Black River Blagovyshensk Boundary River Highway Bridge have been put into use, the cargo transportation capacity between the two countries has significantly improved.
Liu Xuesong, Minister of Economy and Commerce of the Chinese Embassy in Russia, said that in recent years, trade and investment cooperation between China and Russia in the Far East has grown, and cross-border transportation cooperation between China and Russia has made positive progress. Cooperation mechanisms such as the "Northeast Far East" between China and Russia are operating efficiently. He called on entrepreneurs from both sides to strengthen interaction and communication, establish long-term cooperation and exchange mechanisms, and strengthen practical cooperation in various fields.
Zhou Liqun, President of the Russian China Chamber of Commerce, believes that strengthening practical cooperation between China and Russia has become a trend. The interconnection projects between the two sides benefit people's livelihoods, and the enthusiasm for local cooperation between the two countries is high. Entrepreneurs from both countries will jointly explore ways to solve problems and promote new breakthroughs in the scale and quality of bilateral economic and trade cooperation.
3、 The export of Russian agricultural products to China is steadily increasing!
At the meeting on "Measures to Improve the Competitiveness of Exporters of Russian Agricultural and Industrial Enterprises", Deputy Minister of Agriculture of Russia, Levin, stated that in the six years from 2017 to 2023, exports of agricultural products to China increased by nearly twice. Levin pointed out that although there are some objective difficulties, Russian agricultural product exports are still steadily increasing. The export volume in 2022 reached 41.6 billion US dollars, almost doubling compared to 2017.
As of September 14, 2023, 3194 foreign food production enterprises in Russia have obtained registration qualifications in China, including 90 meat production enterprises and 1048 aquatic product production enterprises, providing a solid guarantee for Russia to expand its food scale in China.
In terms of aquatic products, according to the Russian Federation Fisheries Agency, the trade volume of aquatic products between Russia and China reached 755000 tons in the first eight months of this year, with a total amount of nearly 1.6 billion US dollars. In physical terms, the increase reached 75%, while in monetary terms, the year-on-year increase was 39%. The quantity of Russian aquatic products exported to China is 716000 tons, with a total price of 1.38 billion US dollars. In physical terms, the supply has increased by nearly 80%, while in monetary terms, the increase is 78.5%. The dominant export structures are cod (accounting for over 60% of the total), herring (approximately 14%), fish meal, and crabs.
In terms of meat, according to the Russian Agricultural Products Export Development Center, China has become a major buyer of Russian beef and poultry in early 2022. In 2022, Russia's poultry and meat exports to China increased by 53%, with a total export volume of 139000 tons, a year-on-year increase of 11%, accounting for 59% of Russia's beef exports. From January to July 2023, Russia's poultry and meat exports to China amounted to 212 million US dollars, with a total export volume of 61100 tons, ranking behind Brazil, the United States, and Thailand in terms of total exports to China. Recently, Russia's third beef company has officially started exporting to China.
In recent years, agricultural cooperation between China and Russia has continued to heat up, and the proportion of agricultural product trade has continued to rise, becoming the largest new growth point in bilateral trade between China and Russia. According to reports, Chinese Foreign Minister Wang Yi will visit Russia next Monday (September 18) and hold talks with Russian Foreign Minister Lavrov in Moscow.
According to the Russian Satellite News Agency, Russian Foreign Ministry spokesperson Zakharova announced the above news at a press conference and said that Lavrov and Wang Yi plan to discuss extensive bilateral cooperation issues. We have reason to believe that China and Russia will share development opportunities, deepen mutually beneficial cooperation, strengthen regional development strategy coordination and docking, and promote the continuous development of China Russia cooperation.