Sino-Russian trade jumps 30% in 2022 as allies seek deeper ties

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  • Trade between China and Russia has jumped 30 percent so far this year, the Chinese vice foreign minister said.
  • However, much of the push happened before Russia invaded Ukraine, according to Bloomberg.
  • China has also bought Russian coal at a very favorable price while others, such as Japan and the EU, have banned the import.

Trade between China and Russia plummeted after Moscow launched its war on Ukraine, but remains strong overall.

So far this year, trade has increased by 30% between China and Russia, although much of the increase occurred before Putin invaded Ukraine, Bloomberg reported. Chinese exports to Russia fell 7.7% in March even as its total shipments to other countries increased.

During a meeting on Monday with Russian envoy Andrey Ivanoovich Denisov in Beijing, Chinese Vice Foreign Minister Le Yucheng said the rise of trade fairs “the great resilience and internal dynamism of bilateral cooperation.” and called for deepening those ties, according to a government statement.

Denisov, for his part, said he considers relations between the two nations a priority, according to the statement.

As Western countries continue to shun Moscow, Russian energy remains in high demand. China more than doubled its steelmaking coal imports from Russia in March, according to Bloomberg, and the purchases were made at a steep discount.

Other buyers like Japan and the European Union, on the other hand, decided to ban imports of the goods amid the war in Ukraine.

“No matter how the international landscape changes, China will continue to strengthen strategic coordination with Russia for win-win cooperation, jointly safeguard the common interests of the two countries, and encourage the construction of a new type of international relations. and a community with a shared future of humanity,” Le said in a statement released Tuesday.

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