China-Russia Trade Relations in 2024

BEIJING (Reuters) – The value of China’s imports and exports with Russia reached 1.74 trillion yuan ($237 billion) in 2024, a record high, according to Chinese customs data released on Monday. Leaders from both countries hailed the strengthening bilateral relations.

The yuan-denominated trade value increased by 2.9% from 2023, showing significantly slower growth compared to the 32.7% gain in the previous year.

Last year’s bilateral trade was hampered by payment hurdles due to intensified sanctions from the United States on banks dealing with Russia. Russian President Vladimir Putin indicated that mutual payment settlements remained the primary challenge in Russia-China trade.

China’s shipments to Russia in 2024 grew 5.0% in yuan terms, a sharp decline from the 53.9% increase in 2023. Meanwhile, imports from Russia rose by 1%, down from 18.6% expansion the previous year.

In dollar terms, the two-way trade value reached $244.8 billion, compared to $240.1 billion in 2023. In a New Year’s exchange with Putin, Chinese President Xi Jinping expressed that China and Russia have consistently advanced “hand in hand” on the right path.

According to Moscow’s ambassador to Beijing, Xi is expected to visit Russia in 2025. President Putin noted that bilateral relations have achieved a level never seen before and praised their positive nature.

In December alone, China’s exports to Russia rose 6.4% in yuan terms, reversing a drop in November, while imports from Russia decreased by 4.3%.

($1 = 7.3317 Chinese yuan renminbi)