2024-01-12 13:05:00
This isn’t really a surprise, but it’s worth noting. In 2023, trade between China and Russia reached a record high, with transitions worth a total of $240.1 billion. Mechanically, trade with the United States has slowed down.
Geopolitics and economic policies are linked. Since the start of the Russian-Ukrainian conflict (February 2022), relations between China and the United States have become tense, in particular because Xi Jinping did not want to condemn the action of Vladimir Putin. On the contrary, he turned to him to further work on their political and economic relations.
So much so that at the start of 2023, Beijing and Moscow had set their annual target at $200 billion in trade, which was already a historic record. This threshold was crossed in November, finally reaching 240.1 billion. Although still below trade between China and the United States (664.4 billion), it increased by 26.3% compared to the previous year, while trade between China and the United States decreased by 11.6%.
Exports are historically a key growth lever for China and their performance has a direct impact on employment for thousands of companies in the sector. However, as reported by AFP, last year was marked by nine months of decline in Chinese exports.
Over the whole of 2023, all of the Asian giant’s exports contract (-4.6%), according to Customs figures in dollars. This is their first decline since 2016.
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