Russia's foreign trade in January-May 2025: Trade turnover with China declined

Alexander Knobel and Alexander Firanchuk
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Alexander Firanchuk: Gaidar Institute for Economic Policy

Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development (In Russian), 2025, issue 14, 5

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.

Keywords: Russian economy; trade turnover; sanctions; imports; exports; supplies to China; oil cap on Russian crude oil; imports from China (search for similar items in EconPapers)
JEL-codes: C21 C68 F12 F17 (search for similar items in EconPapers)
Date: 2025
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