22 September 2018 01:24 PM

Trade exchange between Egypt, Russia registers USD 6.7 billion in 2017

Saturday، 17 February 2018 - 01:54 PM

The volume of trade exchange between Egypt and Russia hiked 62 percent year-on-year in 2017, registering $6.7 billion, Russian trade representative in Cairo Nikolai Aslanov said Saturday 17/02/2018.

In statements to MENA, Aslanov indicated that Russia’s exports to Egypt in 2017 recorded $6.2 billion, while Moscow’s imports from Cairo were estimated at $505 million, according to the Federal Customs Service of Russia.

These figures are unprecedented in the history of trade relations between the two countries, he said.

Wheat represents 23 percent and metals constitute 11 percent of the Russian exports to Egypt, at a value of $1.4 billion and $703 million respectively, Aslanov revealed.

Meanwhile, fruit accounts for 41 percent of the Egyptian exports to Russia ($209 million), while vegetables represent 36 percent of Cairo’s exports to Moscow ($180 million), he added.

Separately, Aslanov said Russia’s cumulative investments in Egypt totaled $4.6 billion by the end of December 2017, of which 60 percent was allocated to the petroleum and gas sectors.

The Russian official noted that 80 Russian delegations visited Egypt in 2017, compared to 54 similar delegations in 2016, to discuss cooperation in several fields, including the establishment of a Russian industrial zone in Egypt in addition to implementing gas and petroleum projects.

MENA

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