China-Russia Trade Hits Record $244.8 Billion in 2024

Bilateral trade growth slowed compared to 2023, reflecting deepening economic ties despite Western sanctions.

China's trade with Russia reached a record $244.8 billion in 2024, up 1.9% from 2023, according to Chinese customs data.
Chinese exports to Russia rose 4.1%, driven by increased demand for electronics, vehicles, and chemicals, while imports from Russia remained steady, primarily consisting of raw materials like crude oil and timber.
The growth in trade slowed significantly compared to the 26.3% increase seen in 2023, partly due to challenges with payment systems caused by intensified Western sanctions on Russia.
China has maintained a neutral stance on Russia's invasion of Ukraine, fostering closer economic ties while avoiding direct condemnation of Moscow.
Russia remains China's 11th-largest trading partner overall and its fifth-largest on a single-country basis, behind the U.S., South Korea, Japan, and Vietnam.