China and Russia achieved record-breaking trade levels in 2023 amidst a decline in commerce with the United States.

Official data from Beijing indicates that trade between China and Russia hit a record high in 2023, surpassing $240 billion, marking a 26.3% year-on-year increase. This robust growth exceeded the $200 billion target set by the two nations in the previous year. The strengthened economic ties between China and Russia, despite geopolitical tensions, were evident following Moscow’s invasion of Ukraine in 2022. In contrast, trade between the United States and China experienced a decline for the first time since 2019, with commerce valued at $664 billion in 2023, down 11.6% from the previous year. China’s neutral stance on the Ukraine war, refraining from criticizing Moscow’s invasion, drew criticism from Western countries. The data also revealed a decline in China’s exports and imports, with exports falling by 4.6% and imports down by 5.5% over the year, marking the first retreat in exports since 2016. Meanwhile, China faced deflation for the third consecutive month in December, posing challenges for the broader economy, while inflation in the United States stood at 3.4% in December.

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