From January to November 2021, trade between Russia and China increased by 31% compared to the same period in 2020 and reached $ 123 billion, President Vladimir Putin said on Wednesday, December 15, during talks with Chinese President Xi Jinping.

“Thus, we have already broken the record figures of the pre-pandemic 2019.

In the near future, as agreed, we will overcome the $ 200 billion mark, ”the Russian leader emphasized.

According to the Federal Customs Service (FCS) of Russia, in 2019 the volume of mutual trade between the two states almost reached $ 111.5 billion.However, in 2020, amid the coronavirus pandemic, this figure dropped below $ 104 billion.

“The suspension of trade in 2020 was associated with epidemic restrictions, as well as a lack of transport both by water and by rail.

At the same time, the aviation product line was working properly.

After the weakening of quarantine measures and the restoration of transport communications, mutual trade turnover began to grow again, "Anna Bodrova, an analyst at the Alpari information and analytical center, said in an interview with RT.

Note that since 2010, China has remained Russia's largest trading partner.

During this time, the share of the Asian republic in the Russian foreign trade turnover has practically doubled and now stands at 18%.

According to experts, today the PRC is actively buying Russian energy raw materials.

According to the latest estimates, from January to October 2021, Russia exported 65.7 million tons of oil to China for a total of almost $ 32 billion, as evidenced by the materials of the General Customs Department of the republic.

According to the ministry, Russia remains the second largest oil supplier to China after Saudi Arabia.

“In 2020, the PRC raised the issue of expanding the supply of oil products from Russia, which is associated with the restructuring of the Chinese industrial complex.

Many oil wells in the PRC will be opened only in 2022-2023.

Therefore, we are now confidently increasing the supply of oil and gas, "said Alexei Maslov, director of the Institute of Asian and African Countries at Moscow State University, in a conversation with RT.

According to him, a high interest of China in Russian coal has also been observed recently.

In many respects, the specialist explains this by the deterioration of relations between China and Australia.

“The fact is that Australia for a long time was the main exporter of coal to China, but after the increased tensions between the countries of the PRC, for a long time it could not find another alternative supplier.

The republic tried to buy coal from Mongolia and Colombia, but ultimately chose Russia, ”Maslov added.

Product flow

According to the Federal Customs Service, Russia supplies significant amounts of timber and metals to the Chinese market.

In addition, agricultural products remain an important item of national export to the PRC.

The deputy head of the department, Vladimir Ivin, spoke about this in an interview with RT.

“China began to massively purchase those types of products that it had not previously admitted to its market.

This is a group of meat products, as well as various grains and legumes, ”said Ivin.

Today, China accounts for almost 10% of all Russian agricultural exports.

Since the beginning of 2021, the republic has purchased domestic agricultural products worth about $ 3.3 billion, as evidenced by the materials of the Russian Ministry of Agriculture.

“Russia now comes out on top among suppliers of agricultural products to China.

Previously, our exporters regularly faced problems of sanitary control and difficulties in obtaining permits.

However, this year, China has removed barriers to many types of Russian products.

This is a serious breakthrough, because before that we mainly increased exports only at the expense of raw materials, ”stressed Alexey Maslov.

  • © REUTERS / Kim Kyung-Hoon

Russia, according to Maslov, is also actively buying some types of agricultural products from China.

First of all, we are talking about a number of fruits and vegetables for consumers in the Far East, as well as finished meat products.

In addition, the PRC supplies machine tools, equipment, fertilizers and chemical products to the Russian market.

“At the same time, the main positions of Russian imports from China are occupied by various types of electronics, moreover, complex ones.

These are, for example, systems for transmitting television signals, radio signals, as well as household appliances.

At the same time, purchases of auto parts and finished textile products are growing, ”added the specialist.

With your money

During negotiations with Vladimir Putin, President of the People's Republic of China Xi Jinping said about "great political advantages" that bilateral cooperation with Russia gives.

He also noted an increase in mutual trade, while mentioning the transition to settlements in national currencies.

“The years of science and innovation have been successfully completed, and a series of major strategic projects is being implemented.

Further, the scale of settlements in national currencies is expanding, the structure of investment cooperation is being optimized, "Xi Jinping emphasized.

Note that back in 2013-2014, both countries carried out only 2-3% of all mutual transactions in rubles and yuan.

Meanwhile, in 2020, the corresponding figure reached 24-25%.

This was previously stated by the Russian ambassador to the PRC Andrei Denisov.

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  • © Alexander Demyanchuk

According to Alexei Maslov, for a long time Russia and China did not trade directly.

As the expert explained, all settlements between states were carried out in dollars, and transfers were made through American banks.

At the same time, the growing use of national currencies now allows you to save significant amounts in conversion.

In addition, settlements in rubles and yuan make it possible to bypass US sanctions, Maslov emphasized.

Anna Bodrova adheres to a similar point of view.

“It is more convenient for the parties to pay in national currencies.

For this, separate accounts and finance paths have already been created.

In addition, in this way, the political will to reduce dependence on the US dollar is fulfilled, ”Bodrova concluded.