Russia-China trade volume exceeds expectations, hitting $84bn

Trade turnover between Russia and China has increased by 20.8 percent year-on-year, reaching $84.07 billion in 2017. The two major partners have recently set a goal to boost trade to $80 billion by 2018 and $200 billion by 2020.

Chinese exports to Russia grew by 14.8 percent, to $42.88 billion; according to data from China’s General Administration of Customs. Chinese imports of Russian goods increased by almost 28 percent, to more than $40 billion.

In December alone, trade turnover between the two nations stood at $8.13 billion.

Sino-Russian trade growth is “visible and sound,” according to Russian President Vladimir Putin. While meeting with China’s Prime Minister Li Keqiang in November, Putin said Moscow and Beijing have established strong link “fully corresponding to the level of our strategic partnership.”

The sides have been steadily expanding economic cooperation and will make additional efforts to increase trade to $200 billion in the coming years, said Russian Prime Minister Dmitry Medvedev. He added that preferential trade rules between the countries are being considered, which would increase the use of the ruble and yuan in settlements.

In May, the countries established a Russian-Chinese investment fund worth 68 billion yuan (over $10 billion) to develop trade, economic investment, and scientific cooperation.

Source: RT's business section