Russia and China Open Cross-Border Bridge To Boost Bilateral Trade

22 June 2022

Russia and China are in close ties following the Russian invasion of Ukraine in February 2022. The cross-border bridge which spans the Amur River, connecting both countries, received an official opening through a ceremony on 10 June 2022. The Russian and Chinese governments have officially announced the strengthening of both the countries’ bilateral trade. Russia and China shared plans to grow their bilateral trade to $250 billion by the end of the year 2024. What’s the history of their relationship in trade?

Russia-China Trade – Past Decade

Russia's imports from China in the past decade have gone through minor fluctuations, with a few major fluctuations from 2015 to 2017. In 2020, during the pandemic, the imports from China into Russia increased, standing at $54.9 billion.

In 2021, imports from China to Russia increased by 32.38% with a total import value of $72.69 billion. This value is the highest recorded in the history of the Russian-China trade in terms of Russian imports in the past decade.

Russia exports to China in the past decade has seen an upward trend to the year 2021. As shown in the export data of Russia, the exports to China went through minor fluctuations from 2015 to 2017. Following the next two years, in 2018 and 2019, the value of exports grew.

Contrary to the Russian imports from China, Russian exports to China recorded a downfall, during the pandemic for the ending year 2020. From $49.14 billion in 2020, the exports grew by 39.7% in 2021, standing at a total export value of $68.67 billion.

Russia-China Trade 2021 – Top Products

Russia top 10 imports from China in 2021 were—Telephones & Mobile Phones ($8.1 billion), Computers & Laptops ($5.5 billion), Vehicles Parts & Accessories ($1.9 billion), Laboratory Equipment ($1.3 billion), Electro-Thermic Appliances ($1.2 billion), Tricycles & Scooters ($1 billion), Electronic Parts ($95 million), Road Rollers & Similar Vehicles ($95 million), Monitors & Projectors ($89 million), and Hand Working Tools ($81 million).

Russia top 10 exports to China in 2021 were—Crude Oil ($35.5 billion), Refined Petroleum Oil ($3.9 billion), Coal ($3.8 billion), Sawn or Sliced Wood ($2.7 billion), Turbojets & Turbo Propellers ($1.7 billion), Petroleum Gas ($1.3 billion), Refined Copper & Alloys ($1.2 billion), Iron Ores & Concentrates ($1.2 billion), Copper Ores & Concentrates ($1.1 billion), and Chemical Wood Pulp ($89 million).

Russia-China Trade – YoY Comparison

Russia imports from China in January 2021 amounted to $4.37 billion, while in 2022, exports for the same month amounted to $7.20 billion. This shows that imports from China into Russia have already peaked high in 2022 as compared to 2021. The imports in 2022 increased by 64.65%.

Russia exports to China in January 2021 amounted to $4.32 billion, while, in 2022, the total export value for the same month amounted to $5.80 billion. This shows that exports to China from Russia increased at the very beginning of 2022. The exports in 2022 increased by 34.31%.

With the opening of the cross-border bridge between China and Russia, both the countries will help each other in boosting their trade. Situated in the northeast of China, the cross-border bridge links the Chinese city of Heihe to the Russian city of Blagoveshchensk. The bridge will also be providing Russia access to the Central Asian and Central European countries to trade.