Trade between Russia and China saw significant growth in the period of January to May 2023, surpassing the growth rate of 2022. The trade volume between the two countries increased by 40.7% to reach $93.8 billion, according to data released by the Chinese General Administration of Customs on Wednesday.

In the first five months of 2023, China's exports to Russia amounted to $42.9 billion, marking a hefty year-on-year increase of 75.6%. Meanwhile, Russia's exports to China grew by 20.4% to $50.8 billion.

In May this year, the bilateral trade reached $20.5 billion, with Russia exporting goods worth $11.3 billion to China, while China's exports to Russia reached $9.2 billion.

Comparing this year's numbers with the past year, the total bilateral trade between Russia and China grew by 29.3% and reached a record high of $190.2 billion. The data further indicates that in the first six months, trade between the two countries amounted to $80.675 billion.

On the other hand, Chinese trade with the United States in the same period experienced a decline of 12.3%, amounting to $274.6 billion. Chinese exports to the United States dropped by 15.1% to $200.7 billion year-on-year, while US shipments to China decreased by 3.6% to $73.9 billion.

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Despite the decrease in trade with the United States, the United States remains one of China's top three trade partners, alongside ASEAN and the European Union, according to the report.

The data also reveals that China's total volume of exports during the reviewed period experienced a slight increase of 0.3% to $1.4 trillion, while imports declined by 6.7% to $1.04 trillion. China's total foreign trade volume for January to May 2023 amounted to $2.44 trillion, indicating a 2.88% decrease compared to 2022.

In March, Russian President Vladimir Putin and Chinese President Xi Jinping signed two joint strategic documents aiming to boost the two global powers' economic and diplomatic partnership which have manifested in substantial trade growth as evidenced by the report's data. 

China and Russia are also integral members of the BRICS group which currently accounts for 31.5% of global GDP overtaking the G7 countries which contributed to 30% of the GDP.

The current #BRICS five now account for 31.5% of global GDP, while the #G7's share has fallen to 30%. The BRICS is expected to contribute over 50% of global #GDP by 2030. pic.twitter.com/CkmkaAj9Ga

— Al Mayadeen English (@MayadeenEnglish) May 24, 2023

Read more: China exports fall by 7.5% last month