Template-Type: ReDIF-Article 1.0
Author-Name: Alexander Knobel
Author-Name-First: Alexander
Author-Name-Last: Knobel
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Alexander Firanchuk
Author-Name-First: Alexander
Author-Name-Last: Firanchuk
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title: Russia's foreign trade in January-May 2025: Trade turnover with China declined
Abstract: In the first five months of 2025, Russian exports fell to $162.1 bn (-6.2% compared to 2024) on the back of a decline in the value of oil exports. The share of fuel and energy products fell to 56%. Other export groups showed growth, most notably in the export of machinery and equipment. The share of unfriendly jurisdictions' markets stabilized at 15%. Imports to Russia remained at last year's level and amounted to $109.5 bn (up 1.7%). The share of goods from unfriendly jurisdictions continues to decline, while supplies of medicines remain close to pre-sanction levels. In trade with China, oil supplies declined in the first half of the year, and the discount on the price of Russian crude oil went up to 4.6%. Against the backdrop of declining demand in China, supplies of heavy distillates, coal, and LNG decreased. At the same time, exports of key non-ferrous metals, such as aluminum, nickel, and copper, grew significantly. Supplies of Chinese goods in the first half of the year dropped (–8.7%) due to a significant decline in car imports (–61%) amid moderate growth in other product categories.
Classification-JEL: C21, C68, F12, F17
Keywords: Russian economy, trade turnover, sanctions, imports, exports, supplies to China, oil cap on Russian crude oil, imports from China
Year: 2025
Issue: 14
Month: July
Pages: 5
File-URL: https://www.iep.ru/files/RePEc/gai/monreo/monreo-2025-14-1433.pdf
File-Format: application/pdf
File-Function: Revised Version, 2025
Handle: RePEc:gai:monreo:monreo-2025-14-1433