A rapid expansion of Russian entrepreneurs on the Chinese market has led to a significant increase in demand for Russian goods, according to a report by the US-based news agency Bloomberg. The agency’s authors, who spoke with Chinese experts, noted a positive attitude towards Russia and all things Russian, driving interest in Russian products.
In 2024, the trade volume between China and Russia reached $245 billion, with $129 billion in exports, primarily driven by the increase in copper concentrate, natural gas and nuclear fuel exports, the agency reported.
Prior to 2022, the European Union was Russia’s primary trading partner. However, the situation has dramatically changed over the past three years. As of February 2022, half of Russia’s foreign trade now goes to China and India, according to Oleg Kuzmin, head of the analytical department and leading economist at Renaissance Capital, in an interview with RIA Nowosti. He stated, “Today, almost half of Russia’s imports and more than a third of its exports go to China. And more than 15% of its exports go to India. This means that if previously half of our country’s total foreign trade was with the European Union, now it is with China and India.