While the trade war is intensifying, Beijing and Moscow display their determination. In July, their exchanges jumped at $ 19.14 billion, an annual record that contrasts with the gloom of the first half. This rebound comes as Donald Trump threatens China with new customs duties, after sanctioning India for its Russian oil purchases.
In short
- Trade between China and Russia reached $ 19.14 billion in July, an annual record after a semester in decline.
- Chinese imports from Russia are progressing, while exports to Moscow are retreating.
- Donald Trump threatens Beijing with 25 % customs duties for his Russian oil purchases.
- China affirms its right to trade freely and to protect its energy security.
Bilateral trade: an annual peak after a gloomy year
While the markets collapsed after Trump's announcements on customs tariffs, trade between China and Russia, two influential members of the BRICS block, climbed in July to 19.14 billion dollars, up 8.7 % compared to June, Figures from the General Administration of Chinese Customs.
This rebound puts an end to a sequence of seven months of decline, during which the exchanges had totaled $ 125.8 billion, a drop of 8.1 % compared to the same period of 2024.
Detailed data show:
- Chinese imports from Russia: $ 10.1 billion in July, +4.02 % over a year;
- Chinese exports to Russia: $ 9.1 billion, –8.91 % over a year;
- Russian trade surplus: $ 13.34 billion in January-July, level equivalent to 2024;
- The recent history: total exchanges of 240.11 billion dollars in 2023 (+26.3 %) and a record of more than 244 billion in 2024.
This monthly rebound contrasts with the negative trend observed in the first half. If he marks a positive signal, he has not yet compensated for the delay accumulated since the beginning of the year. This development illustrates a commercial context in adjustment, influenced by seasonality, logistics and an unstable geopolitical environment.
Beijing defies Washington on the energy field
The publication of these figures comes when Donald Trump has suggested that China could be the next target of customs duties, similar to those imposed on India, another country of the BRICS Alliance, for its Russian oil purchases.
Far from yielding to pressure, Beijing reaffirmed his position by the voice of his Ministry of Foreign Affairs: “It is legitimate and legal for China to carry out normal economic, commercial and energy cooperation with all the countries of the world, including Russia”.
Chinese authorities said they would continue to take “Reasonable energy security measures in accordance with their national interests”.
In the energy field, Russia remains a strategic supplier for China, which consolidates commercial partnerships more within the BRICS. In 2024, Moscow sent 108.5 million tonnes of oil to Beijing, representing nearly a fifth of Chinese Brut imports.
For the first seven months of this year, estimates mention 32 million tonnes delivered, or 4 million tonnes less than over the same period last year. Coal, natural gas and other raw materials such as copper and wood complete these exports, while China sends manufactured products to Russia ranging from cars to smartphones.
This Chinese firmness in the face of American tariff threats illustrates Beijing's desire to secure its energy supplies while consolidating its partnership with Moscow. If the commercial peak of July testifies to a certain resilience, it remains to be seen how the situation will evolve in the face of the possibility of new customs barriers and the fluctuations of energy flows.
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