Trade between Russia-China grew 32% in Jan-Nov 2022 period
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Russia and China plan to double up bilateral trade in the long run.
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China, Russia work to increase bilateral trade to $250 billion a year.
Russia-China trade in the first 11 months of 2022 has grown by 32%, reaching a record $172.406 billion, according to the General Administration of Customs in China.
During the aforementioned period, China imported goods to Russia worth $67.334 billion, which is a 13.4% increase from 2021. On the other hand, deliveries from Russia to China increased 47.5%, reaching $105.072 billion.
In August, trade between China and Russia rose 29 percent, amounting to $97.91 billion in the first seven months of 2022. In November alone, Russia-China trade amounted to $18.256 billion. While Moscow exported $10.545 billion worth of goods to Beijing, China supplied goods worth $7.711 billion to Russia.
In 2021, bilateral trade between the two countries grew 35.8%, reaching $146.887 billion. Russia and China plan to double up trade, bringing the volume to a whopping $200 billion by 2024. The volume hit its first $100 billion in 2018.
Read next: China-Russian cooperation worth $160bln, to fortify bilateral ties: FM
After talks between Russia's Dmitry Peskov and China's Xi Jinping on February 4, the two leaders agreed on a new target to increase trade volume to $250 billion per year.
In the first 11 months of 2022, China's exports and imports grew 9.1% and 2% respectively - all despite lockdowns due to COVID-19 spread, according to the customs.
China's exports within the aforementioned timeframe went up 9.1% year-on-year, reaching $3.2917, with increasing imports by 2%, reaching $2.4896 trillion.
The customs noted that China-US trade has also increased over the past 11 months of 2022, growing 2.4% despite the rising tensions between the two countries, reaching $697.694 billion.
Exports from China to the United States in January-November increased 3.4% year-on-year, reaching $535.995 billion, while the United States supplied goods worth $161.699 billion to China, which is 0.5% less than in the same period last year.
