China sees biggest trade increase with Russia in 2023, Chinese customs data shows | CNN Business

The data published on Wednesday also showed that China’s exports to Russia have reached $42.96 billion since January 2023, a 75.6% increase compared to 2022. The numbers of total trade values and total exports have seen their biggest jumps since the start of Russia’s invasion of Ukraine, with Russia becoming China’s fastest-growing trade partner in the world. Russia has been hit by unprecedented Western sanctions since it invaded Ukraine and has been shut out of much of the global economy.

Taiwan, South Korea, New Zealand, and the US saw the biggest decrease across the globe, with Taiwan shrinking its trade with China by more than 25 percent. Trade between the United States also shrank by 12.3 percent. Last month, Russian Prime Minister Mikhail Mishustin said he expected trade between Russia and China would exceed $200 billion in 2023, CNN reported.

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