Russia's growing trade with China: An economic boon or looming disaster?
The Gaidar Research Institute's report shows a 32 percent increase in trade turnover between Beijing and Moscow within the last ten months of last year. As it stands, China is Russia's most crucial trade partner, receiving approximately 70 percent of its exports. However, the relationship is one-sided - Moscow's share of Beijing's trade turnover remains minimal.
8:33 AM EST, January 5, 2024
The Gaidar Institute shows that Russia's "unfriendly" countries still rank higher as China's main trade partners. Moscow hasn't even reached Beijing's top five trade partners list.
China's top trading partners are the European Union, with 13.2 percent, and the United States, with 11.2 percent. Japan (5.4 percent), South Korea, and Taiwan follow them.
The Risks of Dependence
Scientists from the Russian research institute articulate that Russia's dependence on China raises serious alarms. The fast increase in trade has been identified as a connection to "serious threats".
Russian experts caution that the response could be highly detrimental to the Kremlin if the West eventually positions China between itself and Moscow. In such a scenario, Beijing could effortlessly switch from importing cheap raw materials from Russia to buying products from Western countries. Conversely, Moscow will face significant struggles in finding a replacement trade partner.
