Trade between Russia and China has grown rapidly as the leaders of both countries have committed to advancing bilateral economic cooperation. China is the largest Russia’s trading partner, accounting for nearly 16 % of total international trade turnover in 2018, when it hit the new record of US$108 billion. Apart from steadily rising cooperation in energy sector, China remains the leading market for Russian non-energy goods and services with a total share of more than 8 % in 2018. The bilateral trade in goods could grow up to US$200 billion in 5-7 years if the two countries continue to nurture the right conditions for trade and investment.
The two countries are reducing the use of US dollar in bilateral trade in favor of their own currencies: the share of USD declined from 93% in 2013 to 76% in 2018, the share of EUR – advanced from 3% to 7%, while the total share of ruble, yuan and other currencies more than tripled from 5% to 17%. The continuing efforts to strengthen bilateral economic relationships will help to further increase the role of national currencies.