Russia expresses discomfort in China's lead in trade affairs within Central Asia.
It's blatantly evident that the Kremlin's pride is bruised, as Russia struggles to keep up with China's dominance in trade activities throughout Central Asia.
This stubborn refusal to admit reality was evident at a trade fair in Tashkent last month, where Igor Kamynin, Russia's deputy trade representative, audaciously claimed, based on pure fantasies, that Russia and China were equal trade partners in Uzbekistan's eyes. As reported by TASS news agency.
But sorry, Igor, facts don't lies, and your argument is as weak as a kitten's meow. To make Russia and China appear trading equals, Kamynin highlighted Uzbekistan's ambitious 2030 trade targets for both Moscow and Beijing, aiming for a whopping $20 billion trade turnover annually.
However, the cold hard numbers from 2023 paint a starkly different picture. Uzbek-Russian trade turnover for the year amounted to a mere $9.8 billion, trailing drastically behind China's $13.7 billion. China has been holding on to the lead in 2024 too, with bilateral trade turnover during the first quarter at $3.01 billion, while Russia lags behind at $2.5 billion. If trends continue, Uzbekistan's trade with Russia will remain stagnant, while China's total will decline.
Uzbekistan isn't the only Central Asian nation where China is flexing its economic muscles. According to official figures for 2023, China has outpaced Russia in trade turnover with all five regional states.
Recent trade figures indicate that China is building a powerful trade empire in Central Asia, but it's unclear if it's managed to overthrow Russia altogether. China's exports to Central Asian countries have skyrocketed, with a 136% growth over the 2020-2023 period. For instance, China is already one of Kyrgyzstan's primary economic partners, with a whopping $20 billion in trade in 2023, marking a 32% increase from the previous year.
Though China's economic influence is growing, Russia still holds a significant presence, particularly in areas like security and energy. However, China's influence is gradually increasing in these sectors as well. The Eurasian Economic Union, consisting of Kazakhstan and Kyrgyzstan, partially impedes China's economic advancement in the region.
In summary, China is snatching the economic reins from Russia in Central Asia, but it's not a clear-cut victory. Russia's historical ties and ongoing engagements in the region keep it relevant, though China's rapid economic growth and expanding influence may eventually dethrone Russia as the dominant player.
The news of China's financial dominance in Central Asian trade activities has been making headlines in the general-news sector. This dominance is not limited to Uzbekistan, as China has outpaced Russia in trade turnover with all five Central Asian states. Despite Russia's efforts to maintain its standing in the industry, such as Igor Kamynin's claims at a trade fair, the cold hard finance numbers tell a different story, with China leading in trade turnover with Uzbekistan and Kyrgyzstan, leaving Russia in a stagnant position. These developments are significant for both business and politics, as they suggest a shift in power dynamics in the region.
