BELOKURIKHA, March 1. /TASS/. The trade turnover with China may grow by 15% in 2024 but the growth rate will be slower in years to come, Director of the Institute of Asian and African Countries of the Lomonosov Moscow State University Alexey Maslov told TASS.

The trade turnover between the two countries set a new record and totaled $240 bln as of 2023 year-end.

"We expect an increase of exports to China for almost all the positions this year. It is very difficult to say at present what growth will be; we approximately anticipate by 15%, and it will continue as a trend in the next year, but the incremental rate of trade turnover growth will decline," Maslov said. "This is because market saturation is being achieved. For example, China will not most probably increase oil and gas procurements because China is developing fields, and this is the main component in our trade," the expert said.

A stable rise in agricultural products is expected, which will never achieve oil and gas volumes but will constitute a large portion, Maslov added.