China has emerged as Russia's largest supplier of goods, but Chinese imports have failed to fully replace Western equipment and raw materials lost due to sanctions, The Moscow Times reported on Jan. 20, citing data from the Gaidar Institute.
The trade between the two countries is hindered by payment difficulties as the West intensifies sanctions against Russia in response to its full-scale invasion of Ukraine.
Chinese imports have partially compensated for Russian losses in key sectors. Medical and optical equipment imports rose by $1.3 billion annually compared to 2021, covering only 60% of pre-sanction European shipments.
Plastics and polymers imports increased by $1.6 billion, replacing just 40% of EU supply. In mechanical equipment, Chinese imports covered 60% of losses, while electrical equipment saw less than 25% replacement.
Chinese exports fell short in several categories. Aircraft shipments from Europe dropped by $3.1 billion annually, while Chinese exports amounted to only $201 million, just 7% of the shortfall. For pharmaceutical production, China supplied $108 million annually, far below the EU's pre-war level of $9.3 billion.
Despite an initial surge in trade, growth has stagnated. After increasing by 30% in 2022 and 26% in 2023, mutual trade turnover grew by just 1.9% in 2024, reaching $244.8 billion.
Chinese exports to Russia in yuan grew by only 5%, compared to 53% the previous year, while imports from Russia rose by 1%.
Russian crude oil exports to China hit a record high in 2024, growing by 1% compared to 2023, according to Reuters. Broader trade figures highlight the limitations of Russia's pivot to China in offsetting the impact of Western sanctions.
Kateryna Hodunova
(Updated: )
