In May 2024, Chinas trade data with Russia showed a complex change. According to the latest data analysis by the General Administration of Customs, Chinas exports to Russia in May amounted to $90.9 billion, falling by 1.95% compared to the same year, but the ratio rose by 9.3%. This is the first sign of stagnation after a two-digit decline in March and April. However, the same periods import data showed a double decline in comparison and ratio, marking new challenges facing Chinas Russian trade.

In May 2024, Chinas exports to Russia amounted to $90.9 billion, falling only 1.95% compared to the same year and up 9.3% compared. After experiencing a significant drop in March and April, the recovery of this data shows positive signals in China-Russia trade relations. Analysts believe that this stabilization sign may be linked to a partial warming of global market demand and further efforts by China-Russia on trade and economic cooperation.
Chinas exports to Russia mainly include machinery, electronics, clothing and textiles, etc. Despite the challenges of international market uncertainty and trade barriers, these commodities remain competitive in the Russian market.

Compared to the stability of export data, Chinas import data from Russia in May saw the first comparison and double ratio decline. In May, Chinas imports from Russia amounted to $107,3 billion, down from the same ratio by 5%, and the ratio also decreased. This is the first fall in the case of China-Russia import trade in the first four months of continuous growth, which is worthy of attention.
China’s imports from Russia mainly include energy, minerals and agricultural products, especially oil and gas, which have been an important part of China-Russia trade. The decline in imports may be linked to international energy market price fluctuations, supply chain problems and changes in domestic energy demand.In addition, the global economic recovery imbalance and geopolitical tensions may also have an impact on China-Russia trade.

In January 2024, Chinas total import and export trade with Russia was $96.5 billion, an increase of 2.9% compared to the previous year, with total exports of $418.8 billion falling by 1.8% compared to the previous year, and total imports of $54.7 billion increased by 6.9% compared to the previous year. Despite a decline in imports in May, overall, China-Russia trade still showed a growth trend in the first five months of the year, especially in terms of imports.

China-Russia economic and trade relations have always been close, and cooperation between the two sides in the fields of energy, infrastructure, science and technology and agriculture has continued to deepen.Despite the complicated trade data of May, both sides are committed to further strengthening economic and trade cooperation and promoting the steady development of trade relations.

As an important trading partner of Russia, China and Russia will face more opportunities and challenges in the future in the field of trade. With the growing uncertainty in the global economy, China and Russia need to strengthen cooperation in the following areas:
Optimizing the trade structure: further expanding trade in high value-added products and scientific and technological products, and improving the quality and efficiency of trade.
Promote energy cooperation: explore more cooperation patterns in the field of energy, especially in the field of new and renewable energies.
Strengthen infrastructure construction: Jointly promote the linkage of the Belt and Road Initiative and the Eurasian Economic Union, promote the construction of cross-border infrastructure and improve the level of interconnection.
Addressing global economic challenges: Strengthen policy coordination and communication in the context of the complex and changing global economic environment to jointly address trade protectionism and market uncertainty.

In May 2024, Chinas trade data on Russia showed a complex situation, with exports stable but imports declining for the first time. Despite multiple challenges, China-Russia economic and trade relations still have a strong resilience and development potential. In the future, the two sides need to intensify efforts in deepening cooperation, optimizing trade structures and responding to global economic challenges to promote the steady development of China-Russia economic and trade relations.