Russia-Africa trade reaches new high

Russia’s trade turnover with African countries has been growing steadily since it reached a historical high of $24.5 billion in 2023 following an increase of almost 37% from the previous year, according to Russian Deputy Minister of Economic Development Dmitry Volvach.

Last year’s gain was due to an increase in exports from Russia and imports from Africa by 43% and 8.6%, respectively, Volvach said. He was speaking at the inaugural ministerial conference of the Russia-Africa Partnership Forum, which took place over the weekend at the Sirius Federal Territory on the Black Sea.

According to the minister, Russian-African trade also saw an additional 18.5% increase to $18.6 billion in the first eight months of this year, with mutual turnover projected to double by 2030.

“This indicates mutual interest in the development of trade on the part of Russian and African business circles,” he stated.

“Almost 90% of Russian exports to Africa last year were oil and oil products, wheat, various metals and metal products. Imports from Africa are mainly represented by agricultural products – fruits, nuts, cocoa and coffee,” Volvach added.

Egypt has remained Moscow’s leading trade partner in Africa. Between January and September 2024, Cairo purchased 6.8 million tons of Russian wheat. This was followed by Algeria, which imported 1.3 million tons, the Center of Grain Quality Assurance reported. Kenya was in third position, with 1.2 million tons; Libya bought 1 million tons; and Sudan bought 0.6 million tons. Shipments to Gambia, Djibouti, and Ethiopia also resumed this year, reflecting strong demand for Russian grain across the continent, the agency stated.

On Saturday, Volvach acknowledged that Russian exports traditionally prevail over the volume of goods imported from African countries – an imbalance that has been a source of concern for local businesses in South Africa. He said both sides were actively working to reduce the deficit in trade ties.

“This is in the interests of all parties, because, on the one hand, it will increase the sales of our partners, on the other hand, it will improve the conditions for transport and logistics companies, which currently transport mainly in one direction,” he stated.

The deputy minister announced that the Russian Ministry of Economic Development was in talks with several African states regarding the possibility of signing agreements to facilitate the promotion and mutual protection of investments. Such deals have already been concluded with Angola, Egypt, Zimbabwe, Libya, Equatorial Guinea, and South Africa, while two more with Congo and Morocco are in progress, Volvach said.