According to the latest data from the General Administration of Customs, China-Russia trade volume reached $37 billion in the first two months of 2024, a 9.3% YoY increase. Although growth continues, this rate is significantly lower than the 25.9% YoY growth in the same period last year and the 26.3% growth for all of 2023.

Specifically, Chinas exports to Russia during this period amounted to $16.8 billion, a 12.5% YoY increase, while imports from Russia reached $20.2 billion, up 6.7% YoY. Despite the overall positive growth, the sharp decline in growth indicates a more complex and challenging trade environment.

The slowdown in trade growth is closely linked to the U.S. sanctions on Russia in late 2023. On December 22, 2023, the U.S. issued a new executive order expanding sanctions on foreign financial institutions conducting significant transactions with Russias military-industrial base. This measure increased risks for international banks engaging in trade with Russia, leading some to tighten settlements.

As a result, traditional trade channels between China and Russia have been disrupted, dampening bilateral trade growth. Global economic uncertainty and geopolitical tensions have also impacted economic exchanges between the two countries.

Despite these challenges, China-Russia trade continues to grow, demonstrating the resilience and depth of their economic cooperation. Particularly in energy and agricultural sectors, there remains significant potential for collaboration. Both countries are exploring new opportunities to ensure stable economic development amid external pressures.

Although China-Russia trade may continue to face pressure from the international political and economic environment, their strong complementarity, broad cooperation areas, and untapped potential will drive active efforts to maintain and expand bilateral trade. Furthermore, deepening cooperation under the Belt and Road Initiative and exploring new sectors could unlock fresh growth opportunities.