China’s 2023 two-way trade with Russia hit $240 billion, setting yet another new record, Chinese customs data showed on Friday, as the two countries pushed for closer economic ties even as the war in Ukraine continues on, reports Reuters. China, one of the world’s top oil consumers, has emerged as a major economic lifeline for energy exporter Russia, currently under Western sanctions. Moscow has also stepped up purchases of Chinese goods from cars to smartphones as European and US brands left the Russian market.
China-Russia dollar-denominated trade hit $240.1 billion in 2023, growing 26.3% from a year earlier, according to the data by China’s General Administration of Customs.
Chinese shipments to Russia jumped 46.9% in 2023 from a year earlier, and soared 64.2% compared with 2021, before the Russia-Ukraine war, the customs data showed.