Chinese thirst for energy drives bilateral trade with Russia to new heights

Russia has reached its goal of increasing bilateral trade with China to $80bn a year ahead of schedule, according to a report released by China’s General Administration of Customs last week. Chinese exports to Russia grew by 14.8% to $42.9bn, with the value of goods going in the other direction up 27.7% to $41.2bn, the report records. Trade turnover between the two countries reached $8.1bn in December alone, more than the entire annual average of around $5bn that marked most of the 1990s. 

With the $400bn Power of Siberia gas deal due to kick in next year, Moscow’s and Beijing’s plans to increase that figure to $200bn by 2020 – and in the process to put China on par with the EU as Russia’s main trading partner – are not now beyond the realms of possibility.

Hitting that target will depend Read More