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2 Oct, 2023 09:47

Russia reveals massive trade growth with Africa

Egypt became Moscow’s top trading partner on the continent, the Economy Ministry says
Russia reveals massive trade growth with Africa

Trade turnover between Russia and African countries saw a significant increase of 43.5% during the first eight months of 2023 compared to the same period a year ago, business daily RBK  reported on Monday, citing the Russian Economy Ministry.

In monetary terms, the trade volume amounted to $15.5 billion, while Egypt, Algeria, Morocco, Tunisia and Libya were named among Russia’s top trading partners.

“Africa has a rich resource base, but no production technologies; Russian technologies for developing deposits and extracting minerals are necessary,” Economy Minister Maksim Reshetnikov said in a report seen by the media. “High rates of urbanization raise demand for our experience in the construction of houses, roads and railways, ports, oil and gas pipelines, and utility networks.”

Earlier this year, Reshetnikov predicted that Russian trade with Africa would double by 2030.

In 2022, Russian President Vladimir Putin said the trade turnover between Russia and Africa totalled $18 billion. At the same time, the Federation Council reported that Russian exports to African nations amounted to $14.8 billion.

According to the president, machinery and equipment, chemical products, and food account for more than 50% of Russian exports to the continent.

The Bank of Russia had previously reported that 12.7% of Russian exports to Africa were carried out in rubles in July 2023, while nearly 79% of payments were made in “other currencies” that mainly included the Chinese yuan, compared to 39% recorded in June 2023.

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