Economics & Finance

Russia-China trade turnover reaches nearly 25% since beginning of 2021

RT – Bilateral trade between Russia and China saw significant growth in the first five months of the current year, the latest data from China’s General Administration of Customs shows.

According to the data, the total volume of trade between the two countries during the period amounted to $50.65 billion, marking year-on-year growth of 23.6%. In May alone, Russia-China trade turnover reached $10.449 billion.

Exports of Chinese goods to Russia increased by 35.3% to $22.921 billion, while imports of Russian products surged 15.4%, and reached $27.735 billion.

Mutual trade between the nations has returned to positive growth this year after pandemic-hit 2020 saw a nearly 3% year-on-year decline.

Putin added that Russia-China bilateral trade is expected to reach $200 billion by 2024.Last week, Russian President Vladimir Putin said that despite the economic disruptions caused by the coronavirus pandemic, trade between Russia and China still exceeded $100 billion, and reached $104 billion last year.

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