BEIJING, October 20. /TASS/. Russian-Chinese trade turnover is rapidly increasing and this year could reach $215-220 bln, according to Russia’s Minister of Economic Development of Maxim Reshetnikov.
"We will undoubtedly surpass the $200 bln mark this year. Some estimates range from $215 to $220 bln. We'll see closer to the end of the year," he told reporters.
He stated that Russia and China will complete the task of achieving the trade volume set by the two countries' leaders for 2024 ahead of schedule. "Even during the most difficult pandemic years our trade with China grew. Our trade is being completely restructured. When we look at [our] country's overall trade indicators, we see that 68% of our trade is in rubles and yuan. And our trade with China is already 95% in rubles and yuan," the minister added.
According to Reshetnikov, Russian-Chinese trade "generally remains balanced" and the necessary conditions for its development have already been established, with logistics are also operating effectively.
According to data from China's General Administration of Customs, trade turnover between the two countries increased by 29.5% from January to September, totaling $176.41 bln. Chinese exports increased by 56.9% to $81.43 bln, while Russian Federation imports increased by 12.7% to $94.98 bln.