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20 May, 2023 10:50

Russia-Saudi agri-trade jumps

The two countries aim to boost annual turnover to $5 billion
Russia-Saudi agri-trade jumps

The volume of mutual trade in agricultural and food products between Russia and Saudi Arabia doubled between January and April, according to the Russian Ministry of Agriculture.

The statement was made following a meeting of the ministry’s head, Dmitry Patrushev, with the governor of the Saudi General Food Security Authority, Ahmad Al-Faris.

“This year, the positive dynamics continue, while in four months the volume of mutual trade has already more than doubled,” the statement read.

The Russian ministry reported that trade turnover in agricultural and food products reached record highs in 2022. About 70% of that trade was in grain, and exports of Russian meat products have also been growing, it added.

Russian Ambassador to Saudi Arabia Sergey Kozlov had previously said there was plenty of room for growth in the two countries’ trade. The turnover amounted to about $1.75 billion in 2022, with Moscow and Riyadh aiming to boost annual trade to $5 billion, he noted.

In March, Saudi Arabia joined the Shanghai Cooperation Organization (SCO), which is led by China and Russia. Riyadh has also officially applied to join the BRICS group of emerging countries, with the bloc expected to decide on the Gulf nation’s admittance later this year. The potential membership could result in good prospects for the kingdom’s economic cooperation and trade with the BRICS states, according to Kozlov.

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