China-Russia 2024 commerce worth hits report excessive – Chinese language customs

BEIJING (Reuters) – The worth of China’s imports and exports with Russia reached 1.74 trillion yuan ($237 billion) in 2024, a report excessive, Chinese language customs knowledge confirmed on Monday, as the 2 nations’ leaders hailed bilateral relations.

China-Russia yuan-denominated commerce worth grew 2.9% in 2024 from 2023, in response to the information by China’s Basic Administration of Customs. The expansion was considerably slower than the 32.7% acquire in 2023.

Bilateral commerce was disrupted by fee hurdles final yr after the USA intensified sanctions on banks coping with Russia, Reuters beforehand reported.

Russian President Vladimir Putin stated in December that the first problem to Russia-China commerce is mutual fee settlements.

Chinese language shipments to Russia in 2024 grew 5.0% in yuan phrases from a yr earlier, down sharply from the 53.9% acquire in 2023, the customs knowledge confirmed.

Imports from Russia rose 1% final yr, slowing from a 18.6% growth in 2023.

In greenback phrases, China-Russia two-way commerce worth reached $244.8 billion, in contrast with $240.1 billion in 2023, Chinese language customs knowledge confirmed.

In an alternate of New Yr greetings with Putin, Chinese language President Xi Jinping stated on Dec. 31 that China and Russia have all the time moved ahead “hand in hand” on the proper path.

Russia’s state-run RIA information company quoted Moscow’s ambassador to Beijing as saying in December that Xi will go to Russia in 2025.

Putin additionally stated final yr that bilateral relations had reached a degree by no means seen earlier than, lauding their constructive nature.

In December alone, China’s exports to Russia grew 6.4% in yuan phrases, reversing November’s drop, however imports from Russia shrank 4.3% final month.

($1 = 7.3317 Chinese language yuan renminbi)