Russian minister forecasts Russia-China trade turnover in 2024 to surpass 2023’s record
Date
8/20/2024 8:59:45 AM
(MENAFN) On Monday, Russian Finance Minister Anton Siluanov forecasted that the trade turnover between Russia and China in 2024 is expected to surpass the record set in the previous year. Speaking during a meeting with Chinese Finance Minister Lan Fong in Moscow, Siluanov expressed confidence in achieving this milestone based on current trends. He noted that last year's trade figures set a high benchmark, and data from the first seven months of this year indicate that the bilateral trade volume will exceed those previous records.
According to the General Administration of Customs of China, the trade volume between Russia and China reached USD136.67 billion for the period from January to July, reflecting a modest increase of 1.6 percent compared to the same period the previous year. This sustained growth is seen as a testament to the strengthening economic ties between the two nations, even in the face of Western sanctions. Siluanov underscored that the enduring partnership between Russia and China is playing a crucial role in stabilizing their economies amidst the broader global shift towards a multipolar world.
Siluanov also highlighted the significant progress in the nature of their economic transactions. He pointed out that over 90 percent of trade between Russia and China is now conducted in their respective national currencies—the ruble and the yuan—marking a substantial shift towards greater financial independence from Western currencies. This development reflects a strategic move to fortify their economic collaboration and reduce reliance on traditional international financial systems.
In addition to discussing trade relations, Siluanov reported positive economic indicators for Russia. He revealed that the Russian economy experienced a growth rate of 4.7 percent in the first half of the year, achieved a historic low unemployment rate of 2.4 percent, and saw over 10 percent growth in real wages. Furthermore, the investment rate surpassed 14 percent in the first quarter, demonstrating robust economic performance and contributing to the overall stability and growth of the Russian economy.
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