China-Russia trade surged to new heights in 2024, driven by Western sanctions

Trade between the two powers continued to grow across a range of categories in 2024, but may face greater headwinds this year

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Russian President Vladimir Putin, right, and Chinese President Xi Jinping toast during a dinner in Moscow. Trade between Russia and China continues to grow despite mounting Western sanctions. Photo: AP

Published: 6:00pm, 13 Jan 2025

China-Russia trade defied mounting Western sanctions to reach a new high in 2024, but analysts are divided about whether that growth can be matched this year.

Bilateral trade between the two powers rose 1.9 per cent in value terms to reach US$244.8 billion last year, according to data released by China’s General Administration of Customs on Monday.

China’s exports to Russia reached US$115.5 billion, up 4.1 per cent, year on year, while imports from its northern neighbour remained roughly unchanged at US$129.3 billion.

The rise in trade was primarily driven by Russia’s increasing appetite for Chinese goods, with China’s exports of electronics, transport vehicles – mainly cars – and chemicals to Russia recording particularly strong growth during the first 11 months of 2024.

“Russian consumers have fewer alternatives to choose from in their domestic market because of Western sanctions,” said Alfredo Montufar-Helu, head of the China Centre at US-based think tank The Conference Board.

Russia’s main exports to China remained raw materials, including timber, crude oil and other fossil fuels.

Last year, Russia was China’s 11th-largest trading partner and the fifth-largest on a single-country basis, behind the US, South Korea, Japan and Vietnam.