According to the latest data from the General Administration of Customs, China-Russia trade volume reached $37 billion in the first two months of 2024, a 9.3% YoY increase. Although growth continues, this rate is significantly lower than the 25.9% YoY growth in the same period last year and the 26.3% growth for all of 2023.

Specifically, Chinas exports to Russia during this period amounted to $16.8 billion, a 12.5% YoY increase, while imports from Russia reached $20.2 billion, up 6.7% YoY. Despite the overall positive growth, the sharp decline in growth indicates a more complex and challenging trade environment.

This decline in trade growth is not unrelated to the USs further sanctions on Russia at the end of last year. On December 22, 2023, the US issued a new executive order expanding sanctions on foreign financial institutions conducting significant transactions with Russias military-industrial base. This measure undoubtedly increased risks for international banks trading with Russia, leading some banks to tighten trade settlements with Russia to avoid potential risks.

As a result, traditional trade channels between China and Russia have been disrupted, dampening bilateral trade growth. Global economic uncertainty and geopolitical tensions have also impacted economic exchanges between the two countries.

Despite these challenges, China-Russia trade continues to grow, demonstrating the resilience and depth of their economic cooperation. Particularly in energy and agricultural sectors, there remains significant potential for collaboration. Both countries are exploring new opportunities to ensure stable economic development amid external pressures.

Although China-Russia trade may continue to face pressure from the international political and economic environment, the strong complementarity, broad cooperation areas, and significant potential between the two countries mean they will still play active roles in maintaining and expanding bilateral trade. Moreover, as cooperation under the Belt and Road framework deepens and exploration in emerging fields continues, China-Russia economic and trade relations are expected to see new growth points.