Русский
Russia’s natural resource trade with China exceeded US$65 billion in H1 2024, according to China’s Ministry of Customs, reaching record levels.
Overall, Russian exports of natural resources to China increased by 4% over the same period last year, year-on-year, reaching a new high of US$65.2 billion between January and June of this year. Oil and gas supplies accounted for nearly 90% of all shipments. This included over US$55 billion worth of crude oil to China, a 5% increase over 2023.
China has also been paying more for Russian oil, with the average price for Russian oil exports jumping by 9% in H1 from the same period in 2023. China paid on average, US$80.3 per barrel, slightly over US$20 more than the West’s self-imposed US$60-per-barrel price cap, which was imposed on Russian oil as part of Western sanctions policy, but which has been ignored by everyone else.
In other, non-oil natural resources, Russian aluminum shipments to China have also grown at a record pace and have surged by 64% in annual terms to reach sales of US$1.8 billion. Exports of other Russian commodities to China have also been increasing. Exports of metal ores grew by 15% to US$2.3 billion in H1 this year, while timber exports also increased by 2% to US$1.7 billion.
Bilateral cooperation between Russia and China has been growing over the past two years and continues to accelerate. Trade turnover hit a historic high of US$240 billion in annual terms last year, with exports and imports growing at a double-digit volumes.
Russia has redirected the bulk of its trade flows to Asian markets, particularly to China, after Western countries imposed sanctions on Moscow. Economic ties between Moscow and Beijing have also been improved by the mutual decision to conduct the majority of transactions in their respective currencies, instead of using US dollars.
Further Reading
