China has said that there was a lot of trade between Russia and it in the last year i.e. 2024. You can also call this business historical in some ways. Since Russia’s war with Ukraine, Western countries have imposed heavy sanctions on Moscow. Despite this, trade between Beijing and Moscow of approximately $245 billion per year is an example of strengthening economic-diplomatic relations between the two countries. In 2023, there will be trade of 240 billion dollars between the two countries. Thus, it can be said that China did not care at all about Western sanctions in doing business with Russia.
trade relations between china and russia
It is worth noting here that trade between China and Russia has increased but the increase in trade last year is not as fast as it was in the previous year i.e. 2023. Trade between the two countries will increase by three percent in 2024. Whereas in 2023 this increase was recorded at about 33 percent. Last year, the US took separate actions against banks doing business with Russia, significantly impacting Beijing-Moscow trade. Along with this, Russia has always said that it faces trade challenges due to the lack of payment system between the two.
Trade activities between India and Russia will be around $66 billion in 2024. This is a quarter of the trade between Russia and China. India-Russia trade has increased five times in the last five years. In the first nine months of last year alone, trade between the two countries increased by 9 percent. India and Russia want to take their trade to around $100 billion by the end of 2030. Last year, out of the $66 billion trade between the two countries, India exported about $4.5 billion. Whereas Russia exported about 61 billion dollars to India. India sent goods like medicines, chemicals, electrical machinery, iron and steel to Russia. At the same time, oil, petroleum products, fertilizers, mineral resources, precious stones and ores used to come to India from Russia.
In the last financial year, there was a trade of about 118 billion dollars between India and China. This is half of the trade between China and Russia. India’s biggest trade relationship is with China. Trade between the two countries has always been in China’s favor. Correct means that India imports more and exports less than China. In this regard, a data released in November presents a very interesting picture. According to this, India’s trade deficit with China has increased to about $58 billion between April and October 2024. Companies from both India and China do business with each other, but sometimes there is tension due to border disputes between the two in the areas of Ladakh and Arunachal.
