According to the Economy Ministry, Egypt has become Moscow’s biggest trading partner on the continent.
According to the Russian Economy Ministry and business newspaper RBK, trade transaction between Russia and African nations increased significantly during the first eight months of 2023 compared to the same period a year earlier, by 43.5%.
The value of the trade was $15.5 billion, and Russia’s major business partners included Egypt, Algeria, Morocco, Tunisia, and Libya.
According to a report viewed by the media, Economy Minister Maksim Reshetnikov stated that “Africa has a rich resource base, but no production technologies; Russian technologies for developing deposits and extracting minerals are necessary.” The demand for our expertise in building homes, roads, railroads, ports, oil and gas pipelines, and utility networks is increased by high rates of urbanisation.
Reshetnikov anticipated that by 2030, commerce between Russia and Africa would double.
Vladimir Putin, the president of Russia, estimated the value of trade between his country and Africa at $18 billion in 2022. At the same time, the Federation Council announced that $14.8 billion worth of Russian exports went to African countries.
According to the president, more than 50% of Russian exports to the continent are made up of food, chemical items, and machinery and equipment.
In July 2023, 12.7% of Russian exports to Africa were made in rubles, according to data from the Bank of Russia, while roughly 79% of payments were made in “other currencies,” primarily the Chinese yuan, up from 39% in June 2023.
