China’s overall population exceeds 1.4 billion, roughly 10 times greater than Russia’s head count of about 144 million.
Mainland China is also the world’s number one exporter, far outpacing Russia’s international sales which earned a 12th-place ranking.
Despite these size disadvantages, Russia has delivered billion-dollar surpluses from trading with China. Russian energy-related exports are a key reason for its overall competitive advantage at China’s expense.
This analysis will present key statistics focusing on Russia’s exports to, imports from, and trade balances with mainland China by top products.
We’ll start with a performance comparison for each country’s currency against the United States’ dollar.
Competitive Currency Scorecard
Russia’s official currency, the Russian ruble, appreciated by an average 7% based on exchange rates with the US dollar from 2021 to 2022.
In contrast, the Chinese renminbi depreciated by an average -4.3% compared to the US dollar starting from 2021.
Global benchmark oil prices are priced in US dollars. China’s currency depreciation made fossil fuel-related energy imports from the Russian Federation more expensive for Chinese buyers.
Russia’s Top Exports to Chinese Importers
Russia accelerated its export sales to the mainland China to US$114.1 billion in 2022, increasing by 46.1% compared to 2021.
The list below showcases the most valuable products that Russian exporters shipped to buyers in China.
- Crude oil: US$58.4 billion (up 44% from 2021)
- Coal: $11.7 billion (up 66.3%)
- Petroleum gas: $10.9 billion (up 278.4%)
- Refined petroleum oils: $3.2 billion (up 143.8%)
- Processed wood: $3 billion (down -1.7%)
- Copper: $2.9 billion (down -24.9%)
- Frozen fish excluding fillets: $1.8 billion (up 70.9%)
- Iron or non-alloy steel semi-finished goods: $1.34 billion (up 182.4%)
- Unprocessed aluminum: $1.33 billion (up 71.1%)
- Chemical wood pulp: $1.22 billion (up 22.3%)
- Platinum: $1.13 billion (down -5.2%)
- Unprocessed nickel: $1.11 billion (up 25.3%)
- Iron ores, concentrates: $1.06 billion (down -28.5%)
- Copper ores, concentrates: $985.9 million (down -19.1%)
- Potassic fertilizers: $906.6 million (up 37.7%)
The above 15 products drove 88.5% of overall Russia export sales to mainland China.
The top 4 export products are energy-related and dominated almost three-quarters (73.8%) of Russia’s total exports to China.
The fastest-growing top exports sold by Russia to customers in China were petroleum gas (up 278.4% from 2021), semi-finished goods made from iron or non-alloy steel (up 182.4%), refined petroleum oils (up 143.8%), unprocessed aluminum (up 71.1%), frozen fish excluding fillets (up 70.9%), then coal (up 66.3%).
Russia’s Top Imports from Chinese Exporters
The sum of Russia’s goods imported from mainland China cost a total US$76.1 billion, increasing by 12.7% from 2021 to 2022.
Below, you will find the leading products from mainland China on which Russia’s importers spent the most in 2022. The products are listed in descending order starting with the Chinese goods that attracted the highest amounts of spending by Russian importers.
- Mobile phones: US$4.1 billion (down -23.7% from 2021)
- Computers: $2.9 billion (down -11.2%)
- Bulldozers, other construction vehicles: $1.79 billion (up 100.3%)
- Cars: $1.79 billion (up 10.7%)
- Trucks: $1.5 billion (up 329.1%)
- Automotive parts, accessories: $1.4 billion (up 1.2%)
- New rubber tires: $1.11 billion (up 110.8%)
- Footwear with rubber or plastic soles: $1.09 billion (up 0.8%)
- Pipe taps, valves: $1.04 billion (up 24%)
- Air or vacuum pumps: $951.9 million (up 3.7%)
- Wheeled toys: $925.2 million (down -27.7%)
- Heaters: $923.6 million (down -7.7%)
- Monitors, projectors: $818.4 million (up 18.9%)
- Lighting fittings: $790.7 million (down -16.1%)
- Furskin clothing, accessories: $773.6 million (down -43.8%)
The above products created 28.7% of Russia’s overall spending on all products imported from mainland China (compared to the more intensely concentrated 88.5% for Russian exports to China). The lower percentage suggests that Russia’s top imports are more diversified than Russia’s leading exports sold to China.
Reaping triple-digit percentage gains in Russia spending were caused by its imports of trucks (up 329.1% from 2021), new rubber tires (up 110.8%), then bulldozers plus other construction-related vehicles (up 100.3%).
Russia’s Trade Balance Scorecard Versus China
Russia’s overall surplus trading with mainland China expanded by 259% from US$10.6 billion in 2021 to achieve $38 billion in black ink for 2022.
Listed below are the products that generated the greatest trade surpluses for Russia at China’s expense.
- Crude oil: US$58.4 billion (up 44% from 2021)
- Coal: $11.7 billion (up 66.3%)
- Petroleum gas: $10.9 billion (up 278.4%)
- Refined petroleum oils: $3.13 billion (up 155.2%)
- Processed wood: $3 billion (down -1.7%)
- Copper: $2.9 billion (down -24.9%)
- Frozen fish excluding fillets: $1.7 billion (up 79.4%)
- Iron or non: alloy steel semi: finished goods: $1.34 billion (up 182.4%)
- Unprocessed aluminum: $1.32 billion (up 72%)
- Chemical wood pulp: $1.18 billion (up 18.2%)
- Platinum: $1.13 billion (down -5.2%)
- Unprocessed nickel: $1.11 billion (up 25.3%)
- Iron ores, concentrates: $1.06 billion (down -28.5%)
- Copper ores, concentrates: $985.9 million (down -19.1%)
- Potassic fertilizers: $906.5 million (up 37.7%)
The fastest-expanding trade surpluses for Russia versus its Chinese trade partners were for petroleum gas (up 278.4% from 2021), semi-finished products made from iron or non-alloy steel (up 182.4%), refined petroleum oils (up 155.2%), frozen fish excluding fillets (up 79.4%), then unprocessed aluminum (up 72%).
The following commodities caused the severest product deficits for Russia trading with mainland China.
- Mobile phones: -US$4.1 billion (down -23.8% from 2021)
- Computers: -$2.9 billion (down -11.2%)
- Bulldozers, other construction vehicles: -$1.71 billion (up 100.3%)
- Cars: -$1.68 billion (up 10.7%)
- Trucks: -$1.52 billion (up 328.7%)
- Automotive parts, accessories: -$1.44 billion (up 1%)
- New rubber tires: -$1.11 billion (up 112.1%)
- Footwear with rubber or plastic soles: -$1.09 billion (up 0.8%)
- Pipe taps, valves: -$1.04 billion (up 24%)
- Air or vacuum pumps $948.1 million (up 3.7%)
- Wheeled toys: -$925 million (down -27.7%)
- Heaters: -$922.3 million (down -7.8%)
- Monitors, projectors: -$818.4 million (up 18.9%)
- Lighting fittings: -$790.7 million (down -16%)
- Furskin clothing, accessories: -$773.6 million (down -43.8%)
The fastest-expanding trade deficits for Russia caused by trade partners located in mainland China arose from trucks (up 328.7% from 2021), new rubber tires (up 112.1%), then bulldozers plus other construction vehicles (up 100.3%).
See also Russia’s Top 10 Exports, Russia’s Top 10 Imports, Russia’s Top Trading Partners and China’s Top Trading Partners
Research Sources:
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on January 14, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on January 14, 2024
International Trade Centre, Trade Map. Accessed on January 14, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on January 14, 2024