China-Russia Bilateral Trade Up 20 Percent in January-April 2021

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China-Russia

  • Bilateral trade on target to reach US$120 billion in 2021 
  • China is experiencing regional trade growth as western markets deteriorate 

China’s bilateral trade volume with Russia reached US$40.207 billion in January-April 2021, 19.8 percent higher than it was in the same period last year, according to the General Administration of Customs.

China’s exports to Russia were up 38.7 percent, reaching US$18.19 billion in the first four months of the year, while exports of Russian goods to China saw a 7.7 percent growth to US$22.016 billion.

The trend is upwards; trade turnover in April alone reached US$10 billion, with import-export bilateral parity.

Bilateral trade between Russia and China exceeded US$100 billion in 2020, declining three percent compared to that of 2019. However, Moscow and Beijing want to double the volume of trade to US$200 billion by 2024.

China’s overall exports have been growing amid the pandemic. The country was the first to face the COVID-19 outbreak and managed to contain the virus faster than others. For 2020, China’s exports increased 3.6 percent compared to that of 2019, reaching US$2.6 trillion. That growth has continued this year. In the first four months of 2021, China’s exports increased 33.8 percent year-on-year.

The trade increase comes as China is experiencing trade problems with the United States, European Union, and Australia and is indicative of increased trade trends between China, Belt & Road participant countries, and other Asian nations.

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