Share a China Russia News story: The trade volume between Russia and China has be on the growth. Their trade history can date back to the 17th century. Now China has been Russia’s biggest trading partner.
Looking back in 2022:
China Russia trade hit a new record high in 2022
It’s reported that the trade volume between China and Russia reached RMB 1.28 trillion in 2022.
Measured in US dollars, it reached $190.2 billion, a year-on-year increase of 29%.
In 2022, China’s exports to Russia reached 511.5 billion yuan, an increase of 12%. The main products exported to Russia include: clothing and clothing, toys, smartphones and accessories, household appliances, computers, cars, etc.
In 2022, China’s imports from Russia reached 767 billion yuan, an increase of Over 40%. Among them are energy products, including oil, natural gas, coal, and so on, taking up 70% of all.
The current state of the trade relationship beween Russia and China
Russian Ambassador to China Morgulov recently stated that the total trade volume between China and Russia is expected to exceed 200 billion US dollars in 2023.
In February 2022, China allowed wheat imports from all over Russia. In the future, there is still room for further deepening cooperation between China and Russia in fields such as energy, food, technology, and industry. Continuously exploring the depth and breadth of cooperation is important for enhancing the scale and level of trade cooperation between the two countries
What is the Meaning?
Firstly, the energy cooperation between China and Russia in the past was only a buying and selling relationship. Next, we can try to deepen the cooperation to the upstream or downstream of Russia’s energy industry, and engage in exploration, processing, and sales cooperation. In other words, we can engage in more comprehensive cooperation, not just a buying and selling relationship.
Secondly, China imports over 100 million tons of foreign grain, over 90 million tons of soybeans, and no more than 1 million tons of Russian grain annually, a very low proportion. In the future, they still have a long way to go in agricultural cooperation, especially in food cooperation, and there is great potential for development.
Thirdly, China and Russia share many common demands in the field of scientific and technological cooperation. There is great potential for development in high-tech fields such as chips, aircraft manufacturing, aerospace, etc.
Fourthly, Russia is an industrial country, and there is also great potential for cooperation between China and Russia in industrial cooperation, especially in mechanical manufacturing.
From a positive perspective, these changes are of great significance for China Russia’s bilateral trade to embark on a sustainable development path and achieve a healthier and significant growth. This is because the trade categories between the two countries in the past were too narrow. If a more complementary and mutually beneficial trade strategic layout could be established, it would be significantly helpful for both countries, especially for Russia.
Prospects for the Future
This also indicates that the economic and trade relations between China and Russia will become increasingly close. The economy is the foundation of all social activities, and the transformation and upgrading of trade activities between the two countries will promote the further implementation of the comprehensive strategic partnership.
Thanks to the continuously expanding cooperation between Russia and China, the trade data of SioResin exported to Russia grew 130% in Q2 2023. SioResin will continue to provide the most sustainable and cost-effective products to Russia and other countries on the globe.
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Water-based Polyurethane
Water-based Acrylic Resin
UV-curing Resin
Silicone Resin
Dimethyl Silicone Oil