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All news / Russia-Africa Trade up 17% to over $20bn last year

  • 02 Sep 2019, 12:07

Russia’s trade turnover with African states reached $20.4 billion in 2018, up 17% compared to the previous year, a representative of the Russian Foreign Ministry told TASS news agency.

According to the official, the majority of Russia’s trade operations with these states included Algeria, Egypt, Kenia, Cote d’Ivoire, Morocco, Nigeria, Senegal, Sudan, Tunisia and South Africa.

“Trade-economic and investment partnership is one of the major areas of cooperation with African countries. In 2018, trade turnover with African states increased by 17.2% compared with 2017 to $20.4 billion. Russian exports amounted to $17.5 billion, while imports totaled $2.9 billion,” the ministry representative said.

The bulk of supplies in the structure of the Russian exports to African countries last year consisted of equipment, transport vehicles, food products, agricultural raw materials, mineral products, metals and articles made therefrom, the ministry said. The imports structure contained food products and agricultural raw materials, textiles and articles made therefrom, footwear, cars, equipment, transport vehicles and mineral products.

Russia’s key investment partners on the African continent in 2018 were Angola, Ghana, Guinea, Egypt, Zimbabwe, Congo, Nigeria and South Africa. The total amount of Russia’s capital investments in African countries since 2003 equaled $47 billion.

“The total amount of Russian capital investments in African states made by biggest companies since 2003, including credit funds, can be estimated at $47 billion (including the project of the state corporation Rosatom in Egypt, which is assessed at $30 billion),” the ministry said.