Chinese manufacturers have strengthened their positions in the Russian market

According to the General Customs Administration of China, exports of Chinese goods to Russia increased by 52.2% in January-October 2023 compared to the same period in 2022.

The economic ties between Russia and China continue to strengthen, with trade between the two countries growing rapidly. In January-October of this year, the turnover increased by 27.7%, reaching $196.48 billion. Import from China increased by 52.2%, while export from Russia grew by 12.4%. China's export amounted to $90.08 billion and Russia's export reached $106.4 billion. A significant share of Chinese exports consisted of machinery, equipment, and components, including those for mining.

The first half of 2023 saw a sharp increase in imports of Chinese machinery, equipment, components, household appliances, and electronics. The import volume reached $31.5 billion, which accounted for 60% of all Chinese shipments to Russia during this period. The significant increase in Chinese exports began in the second half of 2022, as disrupted supply chains were restored and Chinese authorities lifted COVID-19 restrictions.

The shipment of Chinese cars increased by more than 6 times, from $715 million to $4.6 billion, with Russia becoming their largest buyer. The supply of aviation and space products increased even more, by 9 times, from $8.7 million to $80 million. Truck deliveries increased by 3.6 times, from $463 million to $1.7 billion. China also nearly tripled its supply of special equipment such as bulldozers, excavators, and drilling machines. The import of auto parts increased by 65%, from $594 million to $984 million, and the import of electrical equipment grew by 40%, from $5.1 billion to $7.6 billion.

According to experts, "in the short term, China's increased presence helped mitigate the risk of critical disruptions in the supply of machinery and equipment". The economic cooperation between Russia and China has broad and promising prospects, especially in terms of trade relations. As noted by the Minister of Economic Development of the Russian Federation, Maxim Reshetnikov, the volume of Russian-Chinese trade by the end of 2023 may reach $215-220 billion.

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