According to the latest data from the General Administration of Customs, China-Russia trade volume reached $37 billion in the first two months of 2024, a 9.3% YoY increase. Although growth continues, this rate is significantly lower than the 25.9% YoY growth in the same period last year and the 26.3% growth for all of 2023.

Specifically, Chinas exports to Russia during this period amounted to $16.8 billion, a 12.5% YoY increase, while imports from Russia reached $20.2 billion, up 6.7% YoY. Despite the overall positive growth, the sharp decline in growth indicates a more complex and challenging trade environment.

The decline in this trade growth rate is not unrelated to the further sanctions imposed by the United States on Russia at the end of last year. On December 22, 2023, the U.S. issued a new executive order expanding the scope of sanctions on foreign financial institutions engaged in "significant transactions" with Russia's military-industrial base. This measure undoubtedly increased the risks for international banks in trading with Russia, leading some banks to tighten trade settlements with Russia to avoid potential risks.

As a result, traditional trade channels between China and Russia have been disrupted, dampening bilateral trade growth. Global economic uncertainty and geopolitical tensions have also impacted economic exchanges between the two countries.

Despite these challenges, China-Russia trade continues to grow, demonstrating the resilience and depth of their economic cooperation. Particularly in energy and agricultural sectors, there remains significant potential for collaboration. Both countries are exploring new opportunities to ensure stable economic development amid external pressures.

Although China-Russia trade may continue to face pressure from the international political and economic environment, the strong complementarity, broad cooperation areas, and vast potential between the two countries will still play a positive role in maintaining and expanding bilateral trade. Moreover, with the deepening of cooperation under the Belt and Road Initiative framework and the exploration of collaboration in emerging fields, China-Russia economic and trade relations are expected to usher in new growth opportunities.