Trade between Russia and China has grown rapidly as the leaders of both countries have committed to advancing bilateral economic cooperation. China is Russia’s largest trading partner, accounting for nearly 18% of total international trade turnover in 2020, when trade reached US$107 billion. Apart from the steadily rising cooperation in the energy sector, China remains the leading market for Russian non-energy goods and services with a total share of more than 8% in 2020.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 the US dollar in the bilateral trade in favor of their own currencies: the share of the USD declined from 93% in 2013 to 46% in 2020, the share of the EUR advanced from 3% to 30%, while the total share of ruble, yuan and other currencies more than quadrupled from 5% to 24%. The continuing efforts to strengthen the bilateral economic relationships will help further increase the role of national currencies.