Sunday, January 17, 2021

Trade Between Russia, China To Reach USD 200 Billion By 2024

Trade between key allies Russia and China has increased by 3.7% year-on-year reaching a to $80.13 billion in January-September, the General Administration of Customs of the People’s Republic of China reported on Monday.

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According to the published data, the volume of exports from China to Russia over this period increased by 1.3% and amounted to about $35.64 billion. Imports of Russian goods and services to China increased by 5.6% to $44.49 billion.

In September alone, trade between the two countries amounted to $9.47 bln. At the end of 2016, trade between Russia and China grew by 2.2% year-on-year and reached $69.52 billion. In 2017, this indicator increased by 20.8%, to $84.07 bln, in 2018 – by 27.1%, exceeding $107 billion.

Earlier the Chinese Ambassador to Russia, Zhang Hanhui has told reporters that he expects Russia-Chinese bilateral trade to increase to US$200 billion by 2024.

“We have already set another target of reaching US$200 billion worth of trade turnover by 2024. I believe that goal may be accomplished as from now on the (Russian-Chinese) trade and economic cooperation will be expanding even more rapidly. The whole potential has been revealed. Almost all barriers hindering the development of trade and economic cooperation have been removed. Certain problems that do exist will be resolved.” Zhang stated.

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