Expert forecasts further growth of trade turnover between Russia and China

Trade turnover between Russia and China will continue to grow in the future, and cooperation between the countries in various areas will continue to develop. Alexander Daniltsev, Director of the Trade Policy Institute of the National Research University Higher School of Economics, told Izvestia on December 13.

Earlier in the day, Chinese Ambassador to Russia Zhang Hanhui told RIA Novosti that the structure of bilateral trade between Moscow and Beijing continues to optimize. According to him, the energy sector has shown stable growth, significant progress has been made in the automobile and machinery industries, as well as in agriculture and other areas.

According to Daniltsev, the countries' trade turnover will continue to grow, as will cooperation in various fields.

"Cooperation in the energy sector is developing. This is already a traditional direction. There will be developed, I hope, such a sector as food, because an agreement on our export of oilseeds will be realized. There is progress in other agricultural goods. Still, in the field of finished goods there will be trade in both directions," the expert said.

He noted that bilateral cooperation will develop in the field of energy not only regarding supplies, but also investment.

"Prospects are good.Trade will develop in the future. At the same time, I think our trade will slowly diversify. Along with China, other suppliers and markets will appear. But it will definitely develop with China," Daniltsev added.

On the eve of December 12, Deputy Chairman of the Security Council of the Russian Federation Dmitry Medvedev said that the trade turnover between Russia and China, despite the opposition of unfriendly states, remains at a very high level. He emphasized that the figure at the end of 2024 will be at the level of $240 billion.

In October, Russian Prime Minister Mikhail Mishustin said at a meeting with Premier Li Qiang of China's State Council that Russia and China are strengthening economic cooperation despite unprecedented external pressure.

In May, China's General Administration of Customs reported that trade turnover between Russia and China from January to April amounted to $76.58 billion, up 4.7% year-on-year. It was noted that imports from Russia for four months increased by 10.2% to $43.85 billion. Chinese exports to Russia decreased by 1.9% to $32.73 billion.