As of the end of June 2023, the share of ruble-denominated trade agreements between Russia and Africa reached 12.7 percent, while in January this rate reached 80 percent. In this respect reports RBC, with reference to data from the Central Bank of the Russian Federation.
Currently, most transactions between Africa and Russia are carried out in Chinese yuan and the currencies of other friendly countries. Their shares reached 78.85%. But at the same time, in 8.5% of cases, payments are made in currencies of unfriendly states.
In the January-August period of this year, the trade volume between Russia and African countries increased by 43.5 percent compared to the same period last year, reaching 15.5 billion dollars. These data were provided by the Ministry of Economic Development of the Russian Federation. Egypt is at the top of the list of African countries with the highest trade volume with Russia. The top five also included Morocco, Libya, Tunisia and Algeria. The press service of the Ministry of Economic Development said that Africa’s resource base is rich. However, representatives of the ministry noted that African countries do not have their own production technologies. For this reason, Russian technologies for the development and extraction of mineral deposits on the continent are in demand, experts said.
According to the estimate made by Russian President Vladimir Putin, the trade turnover between Russia and Africa reached 18 billion dollars in 2022. The Federation Council of the Russian Federation announced that this amount constitutes 14.8 billion dollars of exports from Russia. Russia supplied African countries mostly with machinery and equipment, food (including grain) and chemical products. Since last year, the Federal Customs Service has not published statistics on Russia’s foreign trade.
Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, stated that by 2030, Russia can increase its trade with Africa at least twice compared to last year.
Putin before saidHow much Russia owes to Africa.
Source: Gazeta
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