Russia-China Trade Surpasses $180 Billion

Trade between Russia and China has exceeded US$180 billion in the first few months of 2026, marking a reported 28.4 per cent increase compared with the same period last year and highlighting the continued expansion of economic cooperation between the two countries.

The figures were announced by Chinese Premier Li Qiang during the 31st regular meeting of the heads of government of Russia and China, held in Saint Petersburg. The meeting brought together senior officials from both countries to discuss trade, investment, energy, technology and major joint development projects.

Li said economic cooperation had continued to advance across several strategic sectors, including energy, aviation, space exploration, logistics and transport. He also pointed to improvements in investment cooperation, describing the relationship as an example of high-quality engagement and mutual trust between the two major powers.

Russian Prime Minister Mikhail Mishustin, who led the Russian delegation, highlighted agriculture as another area offering significant opportunities for expanding bilateral trade.

According to Mishustin, agricultural trade between the two countries increased by more than one-third during the first nine months of 2026 compared with the corresponding period in 2025. He said Russian products marketed under the “Made in Russia” brand were gaining popularity among Chinese consumers and called for a wider range of goods to be exchanged between the two markets.

The agricultural sector provides opportunities for Russia to expand exports of products such as grains, vegetable oils and other food commodities, while China offers a large consumer market and access to manufactured goods, machinery and agricultural technologies. The expansion of trade in these areas could strengthen commercial links while diversifying the products exchanged by the two countries.

Mishustin also noted that bilateral trade had grown more than 30-fold over the past 25 years, reflecting a substantial transformation in economic relations since the signing of the Treaty of Good-Neighborliness and Friendly Cooperation in 2001.

Another important development has been the growing use of the Russian rouble and Chinese yuan in bilateral settlements. Conducting transactions in the two countries’ national currencies reduces their reliance on third-country currencies and can help businesses manage certain foreign-exchange and payment risks. However, companies still face challenges related to financial regulations, cross-border payments and currency fluctuations.

Investment cooperation is also expanding. Mishustin said the joint commission responsible for investment projects had a portfolio of more than 90 initiatives covering sectors ranging from metallurgy to agriculture.

The investment framework received further attention in 2025, when Russia and China signed an updated agreement on the promotion and protection of investments. The agreement is intended to establish more favourable conditions for investors and support the development of cross-border business projects.

Energy remains one of the central pillars of the relationship. Russia is a major supplier of oil and natural gas to China, whose large industrial economy requires substantial energy resources. Continued cooperation in this sector is strategically important for Moscow as it seeks to maintain export markets, while Beijing seeks to diversify its energy supply sources.

The two governments are also considering further gas infrastructure development, including a proposed pipeline referred to by Russian officials as “Power of Baikal.” The project could strengthen gas connections between the two countries, although its final configuration, commercial terms and implementation timetable remain important factors in determining its prospects.

Beyond traditional commodities, both countries have identified opportunities in industrial production, high technology, aviation, space research and the digital economy. Cooperation in these fields could support investment and technical development, although progress will depend on financing, market demand, technology access and the implementation of agreed projects.

The Saint Petersburg talks were conducted in restricted and expanded formats, culminating in the signing of a joint communiqué outlining areas of continued cooperation.

The latest trade figures underline the growing economic importance of the Russia-China partnership. Nevertheless, sustaining this expansion will require both countries to address logistical constraints, balance their commercial interests and turn investment commitments into completed projects.

For Moscow and Beijing, the challenge now is to translate rising trade volumes into broader economic benefits through stronger industrial cooperation, diversified exports and long-term investment.