The quantity and quality of Sino Russian economic and trade cooperation have progressed simultaneously, with significant results. The trade volume bet

According to statistical data released by the General Administration of Customs of China on the 13th, the trade volume between China and Russia increased by 40.6% year-on-year from January to June 2023, reaching 114.547 billion US dollars. On the 11th, Chinese Ambassador to Russia Zhang Hanhui pointed out at the opening ceremony of the 7th China Russia Expo held in Yekaterinburg, Russia, that "the current Sino Russian economic and trade cooperation is advancing in both quantity and quality, with significant results.



According to the latest statistical data, from January to June 2023, China's exports to Russia reached 52.284 billion US dollars, an increase of 78.1%; China imported 62.263 billion US dollars from Russia, an increase of 19.4%. Deputy Minister of Economic Development of Russia, Volvach, stated that Russia mainly exports energy, minerals, wood, food, and agricultural products to China, and mainly imports machinery, equipment, vehicles, chemical products, and textiles from China. He said that as the types and amounts of trade between the two countries continue to rise, the scale of local currency settlement continues to expand, and he believes that future economic, trade and local cooperation between the two countries have broad prospects for development.



Observers here point out that Russia China trade not only grows rapidly, but also has better quality. In Russia's exports to China, energy still accounts for a large proportion. According to a monthly report released by the Organization of Petroleum Exporting Countries (OPEC) on the 13th, Russia became China's largest oil supplier for four consecutive months from February to May this year. According to a report by the Russian newspaper, the supply of liquefied natural gas from Russia to China increased by 67% in the first five months of this year, reaching 3 million tons; In May, it increased by 1.3 times year-on-year, reaching 930700 tons. It is predicted that Russia's liquefied natural gas exports to China may reach a level of 9 to 10 million tons this year. In addition to energy sources such as oil and gas, there are also frequent highlights in the trade between Russia and China in vehicles and agricultural products. According to survey data released by the Russian Open Bank recently, from January to June this year, Chinese car brands sold 168000 vehicles in the Russian market, four times the same period last year and surpassing the full year performance of 2022. At the same time, the market share of Chinese cars in Russia has increased from 10.6% last year to 46%, with Chery, Haval, and Geely brands ranking in the top three. Experts predict that the total sales of Chinese brand cars in the Russian market will reach 380000 to 400000 units by 2023. According to the Agricultural Products Export Center under the Russian Ministry of Agriculture, China has surpassed the European Union to become the largest importer of agricultural products and food to Russia. In 2022, the import of agricultural products from Russia increased by 44% in value and 36% in quantity. In the first quarter of this year, the total agricultural product trade between China and Russia reached 2.72 billion US dollars, a year-on-year increase of 71.9%. Among various agricultural products and foods, China is the largest importer of Russian rapeseed oil, poultry meat, beef, soybeans, oats, and flaxseed.



In order to implement the important consensus reached by the two heads of state, various sectors of China and Russia have joined hands to seize cooperation opportunities, jointly promote practical cooperation to a new level and achieve new development. The Chairman of the Russian Federal Council, Matvynko, who recently concluded his visit to China, stated that the trade volume between the two countries has steadily increased, and Russia and China have every reason to believe that by the end of this year, the trade volume set by the two heads of state will "exceed the $200 billion mark".



The 7th China Russia Expo was held in Yekaterinburg from July 10th to 13th. At this year's Expo, with the theme of "New Dynamics of Pragmatic Cooperation between China and Russia", more than 300 Chinese enterprises participated, with an exhibition area of over 10000 square meters and the largest scale in history. During the Expo, both sides held multiple business activities such as the Third China Russia Local Cooperation Forum and the China Russia New Era Trade and Investment Symposium. Chinese and Russian enterprises fully communicated and exchanged ideas on cooperation in fields such as energy, agriculture, forestry, industry, transportation, and humanities, achieving good results.



Zhang Hanhui pointed out at the opening ceremony of the Expo that the role of "ballast stone" in energy cooperation between the two countries continues to play, with good prospects for agricultural cooperation, smooth progress in major project cooperation, and steady progress in local currency settlement and cooperation in emerging fields. With the gradual resumption of personnel exchanges between the two countries, local and enterprise cooperation has pressed the "acceleration button" and sounded the "rallying call". He emphasized that China and Russia will continue to improve their cross-border infrastructure construction in the future, explore and open up new logistics and transportation channels, actively leverage the complementary advantages of the two countries' industrial factors, capital and technology, and geographical location, accurately align cooperation needs, and strive to achieve more practical and fruitful results.



Deputy Minister of Economic Development of Russia, Volvach, believes that hosting the Russo China Expo will help strengthen economic and trade cooperation between the two countries, enabling timely and effective communication and exchange between partners. Last year, the trade volume between Russia and China exceeded 13.1 trillion rubles, a year-on-year increase of one-third, and is expected to increase to 25 trillion rubles by 2030. Niki Shinna, General Manager of the Russian Export Center, stated that Russia attaches great importance to this expo, focusing on practical cooperation and face-to-face negotiations, achieving "zero distance" contact between the two sides, and striving to establish a long-term trust and cooperation relationship. "We believe that both companies can find long-term and reliable partners.



Since the beginning of this year, some projects that help promote practical cooperation between China and Russia have been implemented one after another. On June 2nd, the first batch of "Grain Corridor" Russian soybeans from China Chengtong International arrived at the Manzhouli Port, and the pick-up ceremony was held at the Manzhouli Station loading yard, marking the official operation of the "China Russia New Land Grain Corridor Project". The "China Russia New Land Grain Corridor" is a key project implemented under the joint initiative of the heads of state of China and Russia. It is an important consensus reached in the fields of agriculture and food between the two countries. The operation of this project is of great significance for implementing the national multi-channel, diversified food import and food security strategy, and promoting economic and trade cooperation between China and Russia. On July 7th, the "China Russia Arctic Route Container Liner Launch Ceremony" was held in Moscow. The opening of the normalized transportation channel for container liners along the Arctic Channel between China and Russia has shortened the distance and time of cargo transportation between northern ports of Russia and Chinese ports, reduced costs, and improved the current situation where transportation capacity cannot effectively meet the growing logistics transportation needs of the two countries. This will help the scale of economic and trade cooperation between China and Russia reach a new level.