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

Published Jan 25, 2024

Tridge summary

In 2023, China's imports of Russian goods rose by 12.7% to $129.1 billion, driven by significant growth in purchases of Russian aluminum, vegetable oils, oilseeds, fruits, and precious metals. This surge in Russian aluminum imports is attributed to a shift in exports from the EU and US markets to more amicable nations. China also set a record by importing 107 million tons of Russian crude oil, a 24% increase from 2022, making Russia China's leading oil supplier. However, there was a decline in the imports of wood, wood products, and ferrous metals from Russia.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...
Source: Oilworld
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