How much do India, Russia, China trade and what goods do they buy?
Summary
More than 20 leaders from non-Western countries met in Tianjin, China for the Shanghai Cooperation Organisation (SCO) summit. They discussed global trade involving China, India, and Russia, which totaled $452 billion in 2023. The summit highlighted their growing economic ties and common ground on trade policies amid rising tensions with the United States.Key Facts
- The SCO summit was held in Tianjin, China, with leaders from non-Western countries.
- President Xi Jinping emphasized a shift in global economic focus to the Global South.
- Trilateral trade between China, India, and Russia increased to $452 billion in 2023 from $351 billion in 2022.
- The SCO includes China, India, Russia, and other nations, covering 43% of the global population and 23% of global GDP.
- The United States is the largest buyer of both Chinese and Indian goods.
- China exported $120 billion worth of goods to India in 2023.
- India exported $66.1 billion worth of goods to Russia, as per 2023 data.
- After the invasion of Ukraine, Russia’s trade with Western countries decreased, while trade with China and India increased.
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