Russia-China trade plummets to lowest since 2022 amid slowdown
Trade between Russia and China in the first quarter of 2025 fell by 7 per cent, reaching the lowest level since 2022. Imports of Chinese goods to Russia decreased by 7 per cent, and China's purchases of Russian energy resources fell by 16 per cent.
According to Chinese data, trade turnover between Russia and China in the first quarter of 2025 decreased by 7 per cent, reaching a value of approximately $53.2 billion (€46,4 billion), as reported by "Reuters." This is the lowest level since the second quarter of 2022. Imports of Chinese goods to Russia fell by 7 per cent, to approximately $22.7 billion (€19.8 billion). The peak decline in deliveries occurred in February, when imports amounted to approximately $5.8 billion (€5 billion).
China's purchases of Russian energy resources, which constitute three-quarters of Russia's entire exports to China, decreased by 16 per cent, to approximately $20.2 billion (€17.6 billion).
Russian importers are reducing purchases of Chinese electronics and household appliances due to the economic slowdown and decreased demand. The rise in consumer loan interest rates in Russia, reaching nearly 40 per cent annually, discourages Russians from making purchases on credit.
Russian retailers and suppliers are struggling with a lack of working capital, which limits their purchasing ability, according to "Reuters." As a result, imports of household appliances and electronics from China decreased by 30 per cent in the first quarter of 2025.
In the summer, retailers will be selling off stockpiled inventory, and the future of the market depends on the central bank's policy regarding interest rates.
