Finance
China's 2025 trade with Russia posts first decline in 5 years
Published by Global Banking & Finance Review®
Posted on January 14, 2026
3 min readLast updated: January 19, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 14, 2026
3 min readLast updated: January 19, 2026
In 2025, China's trade with Russia declined for the first time in five years, influenced by reduced demand for Chinese cars and lower oil prices.
BEIJING, Jan 14 (Reuters) - China's trade with Russia in 2025 pulled back from a record level in 2024 and dropped for the first time in five years, Chinese data showed on Wednesday.
The trade totalled 1.63 trillion yuan ($234 billion) and the decline followed a slide in demand in Russia for Chinese cars and a drop in the value of China's imports of Russian crude oil.
China has thrown a major economic lifeline to Russia since it was hit by sanctions following its invasion of Ukraine in February 2022, buying Russian oil, coal and gas and selling goods from cars to electronics to its northern neighbour.
Data from China's General Administration of Customs showed that two-way trade in yuan terms in 2025 fell 6.5% from a record 1.74 billion yuan in 2024.
The downturn ended four consecutive years of growth. The last decline was in 2020 when COVID-19 related disruptions affected trade.
Chinese exports to Russia last year dropped 9.9%, while imports from Russia slipped 3.4%.
In dollar terms, the value of bilateral trade reached $228.1 billion, down 6.9% year-on-year.
In December alone, China's exports to Russia grew by 2.2%, snapping an eight-month decline, while imports growth picked up sharply to 17.1%.
RUSSIA EARNS LESS FROM CRUDE SUPPLIES AS PRICES FALL
The latest data provided only headline figures in two-way trade. A more detailed breakdown will be released at a later date.
But data for the first 11 months of 2025 showed that the value of China's crude oil imports from Russia fell 19.6% to 328.5 billion yuan, compared with the same period in 2024, amid falling oil prices, according to Reuters calculations.
Meanwhile, China's vehicle exports to Russia in volume terms fell 46% year-on-year in January-November, according to the China Passenger Car Association, as Moscow raised the levy on Chinese cars that had flooded its market.
Russia has sought to reverse the slowdown in bilateral trade. The two countries signed over 20 co-operation agreements covering energy, aerospace, artificial intelligence and agriculture in September when Russian President Vladimir Putin visited Beijing.
The two strategic partners also gave their blessing to the Power of Siberia 2 pipeline, which could one day deliver an additional 50 billion cubic metres per year of Russian gas through Mongolia from the Arctic gas fields of Yamal.
($1 = 6.9751 Chinese yuan renminbi)
(Reporting by Beijing Newsroom; Editing by Neil Fullick)
Oil prices significantly influence trade balances and economic relations, as fluctuations can affect the cost of imports and exports.
Foreign exchange is the process of converting one currency into another, facilitating international trade and investment.
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