Russia reports significant growth in trade with Africa
Trade turnover between Russia and African countries has increased by 43.5 percent in the first eight months of 2023 compared to the same period a year ago, the RBK business daily reported on Monday, citing the Ministry of Economy of Russia.
In terms of money, the trade volume reached 15.5 billion dollars, with Egypt, Algeria, Morocco, Tunisia and Libya being mentioned among the main trade partners of Russia. The Minister of Economy of Russia, Maksim Reshetnikov, has said that Africa has a large resource base, but there is no production technology, adding that Russian mining technologies are important for Africa.
In addition, he said, Russia can help Africa in urban development projects to provide it with experience in building houses, roads and railways, ports, oil and gas pipelines. Earlier this year, Reshetnikov predicted that trade between Russia and Africa would double by 2030. Port of Dar es Salaam In 2022, the President of Russia, Vladimir Putin said that the trade turnover between Russia and Africa will reach 18 billion dollars.
Meanwhile, the Council of the Federation reported that Russia's exports to African countries reached 14.8 billion dollars. The Bank of Russia previously reported that 12.7% of Russia's exports to Africa were made in rubles in July 2023, while around 79% of payments were made in "other currencies" which included the Chinese yuan, compared to the 39% recorded in June 2023.
PS
