Chart of the Week: Trade between China and Russia increases

The trade relationship between China and Russia is strengthening amid EU sanctions against Russia due to the war in Ukraine. China’s exports to and imports from Russia both increased by 19% in 2022. This contrasts with China’s global exports and imports, which decreased by 6% and 7% respectively, according to data from China’s General Administration of Customs. There are mutual benefits for both countries, with China receiving discounted crude oil, and Russia increasingly exporting oil and gas to China to make up for European sanctions. Whereas China’s total imports of liquified natural gas decreased by 18% from January to November