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Last Two Decades Records Shows that China has become Economically Crucial to Russia

By Shubhendra Anand , 29 March, 2023

China has become crucial to the russian economy in the last two decades. Sino- Russian strength under strong focus shows how China has become an important trade partner to Russia.

According to the reports, Russia has continuously expanded the hare of its imports from China over the years. The data from the trade portal of Germany Trade & Invest (GTA) shows that Russia's total value of the share of imports coming from China is around 24 percent before the war. Russia used to source most of its imports, 13.8 percent from Germany at the beginning of the millennium.

The reports also say that China is the largest trading partner of Russia already. The Russia-China affirmation came as the U.S. and its allies sanctioned Russia due to its invasion of Ukraine. Beijing instead called it for peace talks and not an invasion.

Upon the recent meeting between the two countries, the increasing use of the local currency was prominent on the list. It is also clear that the ruble and yuan already account for the two-thirds of trade deal payments between the two countries.

As the survey reports say, the essential goods in 2020 included all equipment from the field of communications technology and the equipment for recording and reproducing images and sound. Also, Russia imports a lot of office machines and automatic data processing machines. On the other hand, China usually imports crude oil and petroleum products from Russia.

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Shubhendra Anand

Head Research