Russia-China trade turnover jumps almost 20% since beginning of 2021

The volume of trade between Russia and China has reached $40.207 billion in January-April 2021. That’s 19.8% higher than it was in the same period last year, according to Chinese customs data.

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

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In April alone, trade turnover between the two countries hit over $10 billion. Russian exports to China and Chinese shipments to Russia were almost equal, standing at $5.675 billion and $5.128 billion respectively.

Despite the economic disruptions caused by the coronavirus pandemic, trade between Russia and China still exceeded $100 billion last year, but was down almost 3% compared to 2019. The two countries want to double the volume of trade to $200 billion. The target level could still be reached by 2024, the head of the Russian Export Center, Veronika Nikishina, earlier told TASS.

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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 the whole of 2020, its outbound shipments increased 3.6% compared to the previous year and amounted to $2.6 trillion due to elevated global demand for Chinese goods. The growth has continued this year. In April alone, China’s exports were up 32.3%, beating analysts’ expectations.

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