China-Russia Trade Hit Record High in 2023

Trade between Russia and China hit a record high of $240 billion in 2023, Chinese customs data said on January 12. This marks a 26.3 percent increase over the previous year and underscores the rapidly strengthening bond between the Asian giants.

The record far exceeds the goal set by leaders Vladimir Putin and Xi Jinping to reach $200 billion in bilateral trade by 2024. They met their goal by the fall of 2023.

Toothless sanctions: To punish Russia for its war against Ukraine, the United States and Europe boycotted and embargoed Russian oil. China, however, dramatically increased its purchases of Russian oil. China now buys 45 to 50 percent of Russia’s oil exports.

This development signals a move away from the United States-led world order. Russia and China have ramped up their use of yuan in an effort to ditch the U.S. dollar.

In 2023, trade between the U.S. and China fell 11.6 percent from 2022.

Prophesied partners: The Trumpet and our forerunner magazine, the Plain Truth, have watched the trend of Russia allying with China for more than six decades. Bible prophecy indicates they will build a military alliance with other Asian nations, massively impacting the global order.

Learn more: Read our Trends article “Why the Trumpet Watches Russia Allying With China.”