Trade volume between China and Russia has increased

China and Russia have grown closer as trading partners in recent years, according to a study by the German Economic Institute (IW).

China is Russia's most important trading partner, according to the report, which was published on Monday. Conversely, Russia is one of China's most important energy suppliers.

In terms of goods, the volume of trade increased from around $84 billion in 2017 to just under $147 billion in 2021, according to the Chinese customs authority.

After talks held on the sidelines of the Winter Olympics in Beijing in February, the two countries announced plans to increase bilateral trade to $250 billion by 2024.

However, the partnership is unequal, according to IW study author Sonja Beer. For example, figures from 2020 show business with China accounted for around 18% of Russia's total foreign trade. "This makes China by far the most important single trading partner for Russia," Beer said, adding that Russia wasn't even among China's top ten trading partners.

In 2021, only 2.4% of China's trade volume came through transactions with Russia, the report says.

However, according to the IW, Russia was able to increase its share of Chinese coal imports by value to over 26% in 2021, making the country China's second most important coal supplier. In 2020, Russia was also the second most important supplier of oil, with a volume share of just over 15% of total crude oil imports to China.

The study found that Russia is also Beijing's third largest gas supplier.