Russian trade with two countries has taken hits, new data suggests. Trade turnover between Russia and China fell by 8.2% between January and May 2025 year-on-year to $88.7billion (£65.9billion), the General Administration of Customs of China reported. Exports from China to Russia decreased by 6.6% to $38.89billion (£28.8billion), while supplies from Russia to the world’s second largest economy dropped by 9.5% to $49.91billion (£37billion).
In May, trade turnover between the two states totalled $17.7billion (£13.1billion), Russian news service TASS reports, which was 0.6% lower than in April. China exported $8.1billion (£6billion) worth of goods to Russia last month, while deliveries the other way amounted to $9.6billion (£7.1billion). It comes after trade turnover between Russia and China increased by 26.3% in 2023 to $240billion (£178.2billion). In 2024, it reached a record level of $244billion (181.2billion).
In recent months, China’s demand for Russia’s East Siberia-Pacific Ocean (Espo) crude oil has wained, leading to an overall decline in seaborne imports of Russian crude, Energy Intelligence reports.
This has left Indian buyers to buy up more Espo cargoes loading in June.
Overall, Interfax reports that the volume of Chinese exports in May increased by 4.8% year-on-year, amounting to $316.1billion (£234.7billion), according to a report from the General Administration of Customs of the People’s Republic of China.
Meanwhile, imports fell by 3.4% to $212.9billion (£158.1billion), which represents a decline since the beginning of this year.
Top US and Chinese officials met at Lancaster House in London yesterday in an effort to make progress in trade negotiations.
The Guardian reported that talks are also expected to take place today.
Kevin Hassett, director of US President Donald Trump’s National Economic Council, said the US is hoping for a handshake commitment from China that they will supply more rare earth minerals.
He told CNBC: “And so really the purpose of the meeting today is to make sure that they’re serious, but to literally get handshakes from Scott, and Howard, and Jamieson, our three lead trade negotiators, and get this thing behind us.”
Meanwhile, yearly exports from Germany to Russia slumped by 9.3%.
Imports of Russian goods to the country fell by 22.6% in April 2025 in monthly terms to £84million – equal to 50.3% in annual terms.
German exports, “adjusted for calendar and seasonal variations”, amounted to €131.1billion (£110.8billion) in April.
This is 1.7% lower that in March, and 2.1% lower than in April 2024.
Monthly imports in April rose by 3.9%, and by 3.8% year-on-year.
Experts suggest that trade tensions with the US was a “serious factor” in the decline in exports, TASS reports.