New Delhi, May 23 (AHN) Despite public assertions of a no-limits strategic partnership, Russia-China trade has shown signs of slowing after years of strong post-2022 expansion, even as political ties between Moscow and Beijing remain close, a report has said.

A report by The Moscow Times highlighted that during Russian President Vladimir Putin’s recent visit to China, both sides emphasised deepening cooperation and robust economic engagement.

However, trade figures indicate emerging constraints in the bilateral economic relationship, it said.

China has become Russia’s key trade partner following Moscow’s rupture with Western economies in 2022, replacing Europe as a major buyer of Russian energy and supplier of manufactured goods.

Total trade, however, declined 7 per cent in 2025 to $227.6 billion, marking the first annual contraction since 2020.

Russian exports to China fell 3.9 per cent to $124.8 billion, while Chinese exports to Russia dropped 10.4 per cent to $103.3 billion.

The decline was broad-based, with Russian oil exports to China falling 20 per cent, petroleum products down 33 per cent, and coal shipments declining 27 per cent.

Chinese exports of passenger cars to Russia dropped 44 per cent, while truck exports fell 67 per cent. Telecom equipment and computer shipments also recorded sharp declines.

The report attributed the slowdown to lower global oil prices, China’s diversification of energy imports, and Moscow’s push for localisation of manufacturing, particularly in the automobile sector.

It cautioned that the recovery may not signal sustained momentum, pointing to structural limits in the relationship, including China’s diversified energy strategy and Russia’s heavy dependence on energy exports.

“China was seeking to diversify energy imports rather than become too dependent on Russia, while the Russian market itself was nearing saturation for Chinese industrial goods,” the report said.