2021 China-Russia trade hits record high; jumps by 35% YoY to $147 bn

31 Jan '22

1 min read

Pic: Shutterstock

Despite the COVID-19 pandemic, logistic hurdles and other challenges, trade between China and Russia in 2021 jumped by 35 per cent year on year (YoY) to $147 billion, attaining a record high. Rising prices of some key tradable commodities like energy—accounting for 30 per cent of total exports of Russia to China—were the major growth drivers, said Russian ambassador to China Andrey Denisov.

China has a booming demand for energy. Diplomatic and business representatives from both sides believe bilateral trade ties would be further strengthened this year.

In 2021, China and Russia carried out extensive and rapid cooperation in LNG, and the two countries are maintaining close communication on natural gas cooperation. Such cooperation is expected to further boost trade with new transmission lines to be established soon, official Chinese media reported.

While China's demand for natural gas from Russia continues to expand, Russia will also further expand coal and power supply to China, the envoy said.

Russia is China's largest source of energy imports, the second largest source of crude oil imports, and the largest source of electricity imports, while China is Russia's largest trading partner.

Fibre2Fashion News Desk (DS)

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