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China Russia Trade Increase - 2023

Breaking News! Chinese customs data shows China sees the biggest trade increase with Russia in 2023. According to data from China's General Administration of Customs, bilateral trade between Russia and China totalled more than $93.8 billion from January to May 2023, a 40.7% increase over the same period last year. According to the data released on Wednesday, China’s exports to Russia have reached $42.96 billion since January 2023, representing a 75.6% increase over 2022. Total trade values and total exports have increased the most since the beginning of Russia’s invasion of Ukraine, with Russia becoming China’s fastest-growing trade partner in the world. Since it invaded Ukraine, Russia has faced unprecedented Western sanctions and has been cut off from much of the global economy. However, China, which has declared “no limits” to its friendship with Russia, has thrown the Kremlin an economic lifeline, mitigating the impact of its exclusion from the global financial system. Trade between China and other countries or regions has largely decreased compared to last year. Taiwan, South Korea, New Zealand, and the United States saw the greatest decreases globally, with Taiwan cutting its trade with China by more than 25%. Trade between the United States fell by 12.3 percent as well. According to CNN, Russian Prime Minister Mikhail Mishustin predicted last month that trade between Russia and China would exceed $200 billion by 2023. China’s Premier Li Qiang met with Mishustin in Beijing in May and stated that the country was willing to work with Russia to promote pragmatic cooperation in various fields and take it to a “new level,” according to Reuters. Meanwhile, Mishustin stated that the two governments are making a “coordinate effort” to bring the agreements reached by Chinese President Xi Jinping and Russian President Vladimir Putin in March to a “supreme level,” according to Russian state news agency TASS. Don’t forget to subscribe to our channel for more such updates. #usnews #usa #china #russia #trading