Under the sanctions, Russia has recorded a record increase in the import of goods from China
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According to the results of last year, the volume of exports from China to Russia reached 111 billion dollars. This is 47% more than in 2022, and 65% more than in 2021 before the war. This was reported by The Bell with reference to data from Chinese customs.
For the People’s Republic of China, under the sanctions imposed after the war against Ukraine, Russia has turned from an insignificant market into a medium-sized one. The Russian market rose from the 16th to the 7th place in terms of the total volume of exports per hour. China supplies more goods only to the USA, Hong Kong, Japan, South Korea, Vietnam and India, notes The Bell.
The most popular category of goods that China exports to Russia is computers, construction equipment and equipment. In 2023, more than 25 billion dollars worth of goods of this category were imported. This is almost 50.5% more than a year earlier.
In terms of percentage, the category of vehicles and auto parts leads. The volume of exports in this category last year amounted to 22.5 billion dollars, and the annual increase is almost 260%, the publication says.
According to estimates by The Bell, the supply of Chinese dual-use goods — mainly telecommunications equipment — grew by one billion dollars in 2023 and amounted to four and a half billion.
The publication notes that in the conditions of Western sanctions, the reorientation of the Russian economy to the Chinese market helped it survive, but made it dependent on Beijing. At the same time, the economic cooperation between Russia and the People’s Republic of China can be unpredictable. For example, after the December decree of the US president on secondary sanctions for working with sanctioned Russian companies, Chinese banks stopped accepting payments from the largest Russian banks, The Bell reminds.
At the same time, the Bloomberg agency reported the other day that only in the first nine months of last year, Russia purchased from the European Union critical goods for the military industry worth almost 500 million US dollars. A quarter of supplies came directly from Europe, the rest through intermediaries in third countries, including China, Turkey, the Arab Emirates, Serbia, Armenia and the states of Central Asia.
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