BEIJING (Reuters) – The value of China’s imports and exports with Russia reached 1.74 trillion yuan ($237 billion) in 2024, a record high, Chinese customs data showed on Monday, as the two countries’ leaders hailed bilateral relations.
China-Russia yuan-denominated trade value grew 2.9% in 2024 from 2023, according to the data by China’s General Administration of Customs. The growth was significantly slower than the 32.7% gain in 2023.
Bilateral trade was disrupted by payment hurdles last year after the United States intensified sanctions on banks dealing with Russia, Reuters previously reported.
Russian President Vladimir Putin said in December that the primary challenge to Russia-China trade is mutual payment settlements.
Chinese shipments to Russia in 2024 grew 5.0% in yuan terms from a year earlier, down sharply from the 53.9% gain in 2023, the customs data showed.
Imports from Russia rose 1% last year, slowing from a 18.6% expansion in 2023.
In dollar terms, China-Russia two-way trade value reached $244.8 billion, compared with $240.1 billion in 2023, Chinese customs data showed.
In an exchange of New Year greetings with Putin, Chinese President Xi Jinping said on Dec. 31 that China and Russia have always moved forward “hand in hand” on the right path.
Russia’s state-run RIA news agency quoted Moscow’s ambassador to Beijing as saying in December that Xi will visit Russia in 2025.
Putin also said last year that bilateral relations had reached a level never seen before, lauding their positive nature.
In December alone, China’s exports to Russia grew 6.4% in yuan terms, reversing November’s drop, but imports from Russia shrank 4.3% last month.
($1 = 7.3317 Chinese yuan renminbi)