FSUOGM: China's imports from Russia soar on booming oil purchases

​China's imports from Russia have increased significantly faster than its exports to its northern neighbour since February 2022, resulting in China's trade deficit with Russia reaching an all-time high of over $35bn, Bank of Finland Institute for Economies in Transition (BOFIT) reported in its weekly update.

The value of China's imports from Russia in the first quarter of 2023 grew by more than a third on the same period in 2022, with energy products accounting for about 80% of China's imports from Russia.

China's energy imports from Russia in the first quarter of 2023 increased by 40% year on year in dollar terms, with crude oil exports from Russia up by a third from a year earlier, liquefied natural gas (LNG) by 66%, and coal by 145%.

Russia has surpassed Saudi Arabia as China's largest supplier of crude oil, accounting for about 18% of China's crude oil imports. In recent months China has been able to purchase Russian oil at an approximately 10% discount compared to crude oil imported from elsewhere.

​China's imports from Russia have increased significantly faster than its exports to its northern neighbour since February 2022, resulting in China's trade deficit with Russia reaching an all-time high of over $35bn, Bank of Finland Institute for Economies in Transition (BOFIT) reported in its weekly update.

The value of China's imports from Russia in the first quarter of 2023 grew by more than a third on the same period in 2022, with energy products accounting for about 80% of China's imports from Russia.

China's energy imports from Russia in the first quarter of 2023 increased by 40% year on year in dollar terms, with crude oil exports from Russia up by a third from a year earlier, liquefied natural gas (LNG) by 66%, and coal by 145%.

Russia has surpassed Saudi Arabia as China's largest supplier of crude oil, accounting for about 18% of China's crude oil imports. In recent months China has been able to purchase Russian oil at an approximately 10% discount compared to crude oil imported from elsewhere.

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