Trade between China, Russia reaches historic high in 2024

BEIJING (AFP): Trade between China and Russia reached a new record high last year, official data shared by Chinese customs showed Monday, reflecting strong economic ties between the countries despite Western sanctions on Moscow.

Combined imports and exports with Russia totaled $244.8 billion in 2024, according to figures published by China’s General Administration of Customs, up slightly from $240.1 billion in 2023.

Last year’s uptick brought trade between the large neighboring countries to a historic high, though it represented much slower growth than the 26.3% year-on-year surge recorded the previous year.

Political and economic ties between Beijing and Moscow have deepened since Russia’s invasion of Ukraine in early 2022, drawing extensive criticism from the United States and other Western nations, which have implemented tough sanctions in response.

China has sought to position itself as a neutral party in the crisis and has repeatedly declined to condemn Moscow’s invasion.

Chinese President Xi Jinping recently told Russian counterpart Vladimir Putin in a New Year’s message that the countries “have consistently moved forward hand-in-hand along the correct path of non-alignment.”

Meanwhile, 2024 saw trade between China and the U.S. – the world’s top two economies – rise 3.7% year-on-year to reach $688.3 billion, Chinese customs data showed.

U.S. President-elect Donald Trump, who slapped sweeping tariffs on China in his first term, has threatened even more aggressive trade measures in his second stint in the White House, due to begin next week.