Bilateral trade between China and Russia in 2022 rose 34.3% year-on-year to a record high of 1.28 trillion yuan ($190 billion) in yuan-denominated terms, Chinese customs data showed on Friday, maintaining a robust growth momentum which observers said is backed by deepened relations, a surge in energy trade and a further release of potentials in the two economies’ complementary bilateral trade ties.
It marked the first time that bilateral trade has surpassed the 1-trillion-yuan threshold. In the breakdown, China’s exports to Russia soared 17.5% year-on-year, while imports from Russia jumped 48.6% year-on-year, customs data showed.
The 34.3% growth rate also accelerated from the 26.6-percent increase recorded in bilateral trade in 2021. It also compared with a 7.7-percent expansion rate for China’s overall foreign trade last year.
According to Russia’s state oil company Gazprom, China’s natural gas imports from Russia through the Power of Siberia pipeline increased by at least 50% in 2022. Russia’s crude oil imports rose 10% in the first 11 months of last year to nearly 80 million tons.