In order to study the influence of the Northern Sea Route on bilateral trade volume, other explanatory variables, such as “population” and “shipping cost” were introduced based on the basic trade gravity model, and the panel data model was established by collecting related data of countries along the Northern Sea Route. Result shows that the trade volume between the two countries is positively correlated with the gross domestic product (GDP), negatively correlated with the transportation distance, and positively correlated with the population. The opening of Northeast channel can greatly promote bilateral trade volume between Northeast Asia and Western Europe countries. The volume of bilateral trade growth is more than 10% for China, Japan and Korea. Thereinto, the volume of trade growth of Japan is the largest, followed by Korea and China, which proved the commercial value of Northeast Passage.