More than 20 leaders from non-Western nations gathered in Tianjin, China over the weekend for the Shanghai Cooperation Organisation (SCO) summit, which concluded on Monday, and at which President Xi Jinping set out his vision for a global economic order with the Global South at its centre.
Against the backdrop of new global tariffs imposed by United States President Donald Trump, Xi told delegates: “We must continue to take a clear stand against hegemonism and power politics, and practise true multilateralism.”
The summit brought together some of the strongest emerging economies, including India and Russia, which, along with China, account for more than one-fifth of the world’s gross domestic product (GDP).
Trilateral trade between China, India and Russia accounted for $452bn in 2023, up from $351bn in 2022, according to the Observatory of Economic Complexity (OEC).
Seen as an alternative power structure to most US-led international institutions, the 10-member SCO includes much of Central Asia, Russia, China, India, Iran, Pakistan and Belarus, and represents about 43 percent of the world’s population and 23 percent of global GDP.
Beijing’s push for multilateralism is coming at a time of rising grievances with Washington, whose trade tariff policies have provided SCO members with common ground to work on.
Which countries buy the most from China?
China has a diverse range of trading partners.
Its largest buyer is the US, which imported $442bn or 12.9 percent of China’s total exports in 2023 – mainly consisting of electronics, machinery, consumer goods and telecommunications equipment.
Regionally, Asia is the main destination for China’s exports, accounting for $1.6 trillion of goods, with India alone receiving $120bn, or 3.1 percent of China’s total exports.
In Europe, China exported $819bn worth of goods, with the main destinations being Germany ($151bn), Russia ($110bn) and the UK ($95.3bn).
Which countries buy the most from India?
The US is also the largest buyer of Indian goods.
In 2023, the US bought goods worth $81.4bn, or 17.9 percent of India’s total exports, mostly medications and pharmaceutical products, followed by precious stones, machinery and textiles.
Regionally, Asia is also the main destination for India’s exports, accounting for $178bn of goods, with the UAE being India’s second largest destination for exports, at $31.4bn, or 6.9 percent of India’s total exports, mainly jewellery and refined petroleum.
The Netherlands is India’s third-biggest export market at $22.5bn, with refined petroleum being the largest export item, worth $15bn. China is India’s fourth-largest export market and second-largest in the Asia region.
On August 6, US President Donald Trump announced a 50 percent tariff on Indian imports, citing India’s continued purchase of discounted Russian crude oil as the primary reason.
In response, India expressed strong disapproval, calling the tariffs “unfair, unjustified, and unreasonable”, and reaffirmed its sovereign right to determine its energy policies independently. Despite the US pressure, India continued to import Russian oil, attracted by substantial discounts offered by Moscow.
Which countries buy the most from Russia?
Before the Ukraine war, Russia’s trading partners were much more diversified.
While China was its largest trading partner, accounting for 14.6 percent ($72.1bn) of Russian exports in 2021, according to the Observatory of Economic Complexity (OEC), Russia also had a broad range of European partners. The Netherlands was Russia’s second-largest partner, with 8 percent ($39.5bn) of total exports, followed by the US at 5.5 percent ($27.3bn).
After Russia’s invasion of Ukraine in February 2022, heavy sanctions sharply reduced trade with many Western nations.
By 2023, China accounted for about one-third ($129bn) of Russia’s exports, followed by India at 16.8 percent ($66.1bn) and Turkiye at 7.9 percent ($31bn), according to the OEC, making the Asia region the bulk recipient of Russian goods, with more than three-quarters of Russia’s exports heading there.
What do China and Russia trade most?
In 2023, China exported $110bn worth of goods to Russia, led by machinery and transport equipment. According to the OEC, the top export items from China to Russia were cars.
That same year, Russia sold $129bn worth of goods to China – mostly mineral products, including oil and natural gas.
In recent years, Russia has run a trade surplus with China, mostly due to energy products, which make up nearly three-quarters of its exports.
What do India and Russia trade most?
India runs a major trade deficit with Russia, importing far more than it exports.
In 2023, Russia sold $66.1bn worth of goods to India, with energy products – primarily crude oil and natural gas – making up about 88 percent of these imports, much of which India buys at a discounted rate.
India’s exports to Russia are more diversified, totalling $4.1bn in 2023, with significant contributions from chemical products, machinery and metals.
What do China and India trade most?
India runs a major trade deficit with China, importing about seven times more goods by dollar value than it exports.
In 2023, China exported $125bn worth of goods to India, mainly machinery and chemical products, while India exported $18.1bn worth of goods to China, with oil and fuel-related products comprising the largest share of its exports.
