More than 20 leaders from non-Western countries who gathered in Tianjin, China over the weekend for the Shanghai Cooperation Organization (SCO) summit, ended on Monday, with President Xi Jinping establishing a vision for a global economic order in the global South.
Against the backdrop of the new global tariffs imposed by US President Donald Trump, XI told the delegation:
The summit brought together some of the most powerful emerging economies, including India and Russia. India and Russia, together with China, account for more than a fifth of the world’s gross domestic product (GDP).
According to the Observatory of Economic Complexity (OEC), trilateral trade between China, India and Russia accounted for $4520 billion from $202.2 billion in 2023.
The 10 SCOs, considered an alternative power structure for most US-led international organizations, include many of Central Asia, Russia, China, India, Iran, Pakistan and Belarus, accounting for around 43% of the world’s population and 23% of the world’s GDP.
Beijing’s push for multilateralism comes at a time of growing complaints with Washington.
Which countries buy the most from China?
China has a variety of trading partners.
The largest buyer is the US, importing $442 billion or 12.9% of China’s total exports in 2023. It consists primarily of electronic equipment, machinery, consumer goods and telecommunications equipment.
Regionally, Asia is the main destination for China’s exports, accounting for $1.6 trillion in goods, and India alone receives $120 billion, or 3.1% of China’s total exports.
In Europe, China exports $81.9 billion worth of goods, with its main destinations being Germany ($151 billion), Russia ($110 billion), and the UK ($95.3 billion).
Which countries buy the most from India?
The US is also the largest buyer of Indian goods.
In 2023, the US purchased goods worth $81.4 billion, or 17.9% of India’s total exports, mainly drugs and medicines, followed by valuable stones, machines and textiles.
Regionally, Asia is also a major destination for Indian exports, accounting for $178 billion in goods, with the United Arab Emirates being India’s second largest export destination, with $31.4 billion, or 6.9% of India’s total exports, primarily gemstones and refined oil.
The Netherlands is India’s third largest export market at $22.5 billion, with refined oil being the largest export, worth $15 billion. China is India’s fourth largest export market and the second largest in Asia.
On August 6, US President Donald Trump announced a 50% tariff on Indian imports, citing India’s continued purchase of discounted Russian crude oil as the main reason.
In response, India expressed strong disapproval, calling tariffs “unfair, unjust, unreasonable,” reaffirming its sovereignty and independently deciding its energy policy. Despite US pressure, India continued to import Russian oil, attracted by the massive discounts offered by Moscow.
Which country buys the most from Russia?
Before the Ukrainian War, Russian trading partners were much more diverse.
China is its biggest trading partner, accounting for 14.6% ($72.1 billion) of Russia’s exports in 2021, but Russia also had a wide range of European partners, according to the Observatory of Economic Complexity (OEC). The Netherlands is Russia’s second largest partner, with 8% total exports ($39.5 billion) followed by the US at 5.5% ($27.3 billion).
After Russia’s invasion of Ukraine in February 2022, heavy sanctions have significantly reduced trade with many Western countries.
By 2023, China accounted for about a third of Russian exports ($129 billion), followed by India accounted for 16.8% ($6.61 billion) and Torkier 7.9% ($31 billion), while Asia was a massive recipient of Russian goods, and acquired Russian goods at 3 o’clock or more.
What do China and Russia exchange most?
In 2023, China exported $110 billion worth of goods to Russia, led by machinery and transport equipment. According to the OEC, the top export item from China to Russia was the car.
That same year, Russia sold $129 billion worth of goods to China. This is primarily mineral products, including oil and natural gas.
In recent years, Russia has operated a trade surplus with China, accounting for nearly three-quarters of exports, mainly due to energy products.
What do India and Russia trade most?
India operates a massive trade deficit with Russia, importing much more than its exports.
In 2023, energy products (mainly crude oil and natural gas) accounted for about 88% of these imports, many of which are purchased at discounted rates.
India’s exports to Russia totaled $4.1 billion in 2023, with significant contributions from chemicals, machinery and metals.
What do China and India exchange most?
India has a massive trade deficit with China, importing about seven times more goods at dollar value than exports.
In 2023, China exported $125 billion worth of goods, mainly mechanical and chemical products, to India, and India exported $18.1 billion worth of goods, to China.
