Growth of trade turnover between Russia and neighboring countries
China is actively developing its economy, including through the expansion of production facilities. This requires large volumes of raw materials, which the country buys on the world market, including Russia. In this regard, analysts predict a growth of trade turnover between the states. It is expected to reach a record volume this year.
For some months the trade turnover between Russia and China has increased by almost 19% and reached $40.2 billion. This figure was a record for this period, it was twice as much as the results of trade interaction between the countries in 2016. China exported $18.2 billion worth of products to the neighboring country, while imports from Russia amounted to about $22 billion, an increase of 7.7% over the previous period. As for the difficult year of 2020, there was a 2.9% drop in trade turnover to $107.8 billion. By comparison, the figure in 2019 was $110.8 billion.
In 2021, trade relations between Russia and China significantly improved, primarily due to the demand for raw materials from Russia. At the same time, the countries are working with all their might to expand interactions, most notably by increasing investment from both Moscow and Beijing. In addition, over the past two years the states have actively cooperated in the framework of reducing the negative effects of the pandemic. For this purpose, various programs have been organized for the supply of medicines, equipment, personal protective equipment, as well as the exchange of experience.In addition to China, Russia is establishing trade relations with other countries. According to official statistics, trade turnover between Russia and Kazakhstan has recovered to the volumes of 2019. At the same time, the parties are not going to stop at the results achieved, and plan to increase exports and imports.
As representatives of Russia and Kazakhstan emphasize, the countries have great potential in such segments as renewable energy, industrial complex and agro-industrial complex. As part of strengthening cooperation, an agreement was signed that envisages an increase in interaction between the parties in the sphere of trade and economic relations. The document is valid until 2025.
An important point is investment in geological prospecting for further extraction of minerals. The works will be carried out on the territory of Kazakhstan and concern first of all oil and gas deposits, their exploration, evaluation and joint development.