China will double its purchases of vegetable oils from Russia in 2023

In 2023, China increased imports of Russian goods by 12.7% (to $129.1 billion), and purchases of Russian aluminum (2.1 times), vegetable oils (twice), and growing at a faster pace among the top 10 product groups. oilseeds and fruits (by 80%), precious metals (by 43%). These are the results of Russian-Chinese trade for 2023, analyzed by RBC. The growth in supplies of Russian aluminum to China is associated with the reorientation of exports from the markets of the European Union and the United States to the markets of friendly countries: EU countries have significantly reduced purchases from Russia of a wide range of goods, not only those sanctioned, and the United States has introduced a protective duty on the import of Russian aluminum, says a leading expert at the Center for Macroeconomics analysis and short-term forecasting (TSMAKP) Andrey Gnidchenko. Russia's largest aluminum exporter is Rusal. China, in turn, is the largest producer of primary aluminum in the world, but due to ...