Despite claims of a strong strategic partnership, a recent report highlighted a slowdown in Russia-China trade following years of growth post-2022. The trade figures revealed a 7% decline in total trade to $227.6 billion in 2025, the first drop since 2020. Russian exports to China fell by 3.9% to $124.8 billion, while Chinese exports to Russia decreased by 10.4% to $103.3 billion.
The decline was evident across various sectors, with notable drops in Russian oil exports, petroleum products, coal shipments, and Chinese exports of passenger cars and trucks to Russia. Factors contributing to the slowdown included lower global oil prices, China’s energy import diversification, and Russia’s focus on local manufacturing, especially in the automobile industry.
The report cautioned that the recovery might not indicate a sustained upward trend due to structural constraints in the relationship. These limitations include China’s efforts to diversify energy imports and Russia’s heavy reliance on energy exports. The report also noted that China was aiming to avoid overreliance on Russian energy, while the Russian market for Chinese industrial goods was nearing saturation.
