In 2024, Russian export of resources to China sees significant increase
According to data, Russia's natural-resource exports to China exceeded $65 billion in the first half of this year. Read Full Article at RT.com
TroibNews 
Moscow's commodity exports to China have been increasing sharply, as indicated by recent customs data.
According to a report from Vedomosti on Monday, China's imports from Russia reached over $65 billion in the first half of the year, with natural-resource exports reaching unprecedented levels based on Chinese customs statistics.
From January to June this year, exports of Russian goods to China rose by 4% compared to the previous year, totaling a record $65.2 billion. Notably, oil and gas supplies comprised nearly 90% of these shipments, the latest figures reveal.
During the same period, China spent $50 billion on mineral oil and various petroleum products from Russia, a rise from the $47 billion recorded in the previous year’s comparable timeframe.
In the first half of 2024 alone, Russian oil producers exported over $55 billion worth of crude to China, reflecting a 5% increase year-on-year.
Furthermore, the average price of Russian oil exports saw an increase of 9% in the first half compared to the same period last year, reaching $80.3 per barrel, which exceeds the West's $60-per-barrel price cap introduced as part of extensive sanctions against Russian oil.
Russian aluminum exports to China have also surged dramatically, with a 64% annual increase, bringing the total to $1.8 billion, as illustrated by official statistics. Other commodity exports have similarly risen.
Metal ore supplies increased by 15% to $2.3 billion this year, while timber exports saw a 2% uptick to $1.7 billion, according to the data.
The growing economic partnership between Russia and China has been described as unprecedented, with trade turnover reaching a record $240 billion annually last year and both exports and imports growing at a double-digit rate.
In response to extensive Western sanctions linked to the Ukraine conflict, Russia has shifted a significant portion of its trade to Asian markets, especially China.
The financial relationship between Moscow and Beijing has been further strengthened by their agreement to conduct most transactions in their domestic currencies, moving away from reliance on US dollars.
James del Carmen contributed to this report for TROIB News
According to a report from Vedomosti on Monday, China's imports from Russia reached over $65 billion in the first half of the year, with natural-resource exports reaching unprecedented levels based on Chinese customs statistics.
From January to June this year, exports of Russian goods to China rose by 4% compared to the previous year, totaling a record $65.2 billion. Notably, oil and gas supplies comprised nearly 90% of these shipments, the latest figures reveal.
During the same period, China spent $50 billion on mineral oil and various petroleum products from Russia, a rise from the $47 billion recorded in the previous year’s comparable timeframe.
In the first half of 2024 alone, Russian oil producers exported over $55 billion worth of crude to China, reflecting a 5% increase year-on-year.
Furthermore, the average price of Russian oil exports saw an increase of 9% in the first half compared to the same period last year, reaching $80.3 per barrel, which exceeds the West's $60-per-barrel price cap introduced as part of extensive sanctions against Russian oil.
Russian aluminum exports to China have also surged dramatically, with a 64% annual increase, bringing the total to $1.8 billion, as illustrated by official statistics. Other commodity exports have similarly risen.
Metal ore supplies increased by 15% to $2.3 billion this year, while timber exports saw a 2% uptick to $1.7 billion, according to the data.
The growing economic partnership between Russia and China has been described as unprecedented, with trade turnover reaching a record $240 billion annually last year and both exports and imports growing at a double-digit rate.
In response to extensive Western sanctions linked to the Ukraine conflict, Russia has shifted a significant portion of its trade to Asian markets, especially China.
The financial relationship between Moscow and Beijing has been further strengthened by their agreement to conduct most transactions in their domestic currencies, moving away from reliance on US dollars.
James del Carmen contributed to this report for TROIB News
