Published: October 26, 2023 10:56 am
Author: RT
Turnover has already jumped by 27% year-on-year between January and September, according to customs data
Trade turnover between Russia and China looks set to hit $220 billion this year, the acting head of Russia’s Federal Customs Service Ruslan Davydov told business daily RBK on Wednesday.
Between January and September, the trade turnover jumped by 27% or $35 billion year-on-year, with China being the biggest contributor to the overall increase of trade in Russia’s Far East, Davydov said.
“If the current trends continue, mutual turnover may reach $220 billion by the end of the year,” he predicted.
Last year, trade between Moscow and Beijing hit a record $190 billion, a 29% increase from 2021, as Western sanctions over Ukraine forced Russia to redirect its trade flows eastwards.
The Federal Customs Service is seeking to streamline customs procedures to speed up the delivery of goods and facilitate further growth in trade, Davydov added.
READ MORE: Russia planning two new railroads to China
China has been Russia’s biggest trade partner for over a decade, supplying the nation with cars, machinery, electronic goods, and other produce. Russia mainly supplies crude oil and other fossil fuels to China.
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