China's Trade With Russia Reaches Record High

China's exports and imports to Russia increased by double digits year on year in January-February, according to customs data released on Tuesday, as China stated that it needed to advance relations with its northern neighbour in an increasingly volatile world.

China's exports to Russia increased by 19.8 percent in the first two months, totaling $15 billion, despite falling demand from other markets. Russia's imports increased by 31.3 percent to $18.65 billion.

The world's second-largest economy now has a $3.6 billion trade deficit with Russia.

According to Reuters, China's seaborne imports of Russian oil are set to reach a record this month after refiners took advantage of low prices as domestic fuel demand rebounded following the lifting of COVID-19 curbs.

Foreign Minister Qin Gang told a news conference on the sidelines of the annual parliamentary session in Beijing on Tuesday that as the world becomes more volatile, China must advance its relations with Russia.

When asked if China and Russia could ditch the US dollar and euro for bilateral trade, Qin said that countries should use whatever currency is efficient, safe, and credible.

"Currencies should not be used as a trump card for unilateral sanctions, let alone as a cover for bullying or coercion," he stated.

China's trade with Russia reached a new high in 2022, as Western countries sanctioned Russia for its invasion of Ukraine.