OREANDA-NEWS  According to the results of the first ten months of 2023, Russia's share in China's trade turnover was only four percent. Russian goods accounted for only 5.1 percent of China's total imports, Kommersant reports, citing data from analysts at the Gaidar Institute for Economic Policy (IEP).

At the same time, the supply of Chinese goods to the Russian market amounted to 3.3 percent of China's total exports in January-October, the IEP said. In monetary terms, imports of Russian products to China were at the level of 106.3 billion dollars. The vast majority came from fuel exports ($81.8 billion). At the same time, China's share in Russia's trade turned out to be much larger — at the level of 32 percent. In January-October, mainly machinery, equipment and vehicles were imported from China to the Russian Federation, analysts explained.

According to these indicators, Russia lags significantly behind China's key trading partners. Thus, the share of the European Union (EU) states in China's trade amounted to 13.2 percent, and the United States — 11.2 percent. Against this background, IEP experts concluded that China's dependence on Western countries significantly exceeds Beijing's dependence on Moscow. This is due to the fact that it is easier to replace raw materials than industrial products.

Analysts of the Main Customs Administration of the Asian country reported on Russia's sharp lag behind China's main trade and economic partners back in early November. According to them, in the first ten months of 2023, the trade turnover between China and the Russian Federation amounted to 196.48 billion dollars in monetary terms. At the same time, the leaders in terms of trade with China were the ASEAN countries (747.3 billion), as well as the European Union (655.2 billion) and the United States (550.7 billion).