Russia-Africa trade up by 35% in FY 2023

Russia and African countries share strong trade and economic ties with each other. Despite the hard covid time and western sanctions, the Russian-African trade is up by 33% in the first 6 months of financial year 2023. As confirmed by the Russia customs data reports, the bilateral trade between Russia and Africa crossed 18 billion dollars during FY 2022.

In 2020, it was around 14 billion dollars. As compared to this, there was a 22% share of increase in the bilateral trade value.  African countries hold over 3.5% share of Russia's total exports during the fiscal year 2023. There was a noticeable amount of increase in Russian exports to Africa as compared to 30% in 2022.

Russia and Africa are progressively working on expanding their bilateral ties. Both have signed various pacts and memorandums to double their trade volume within the next few years. 

African countries' population is growing at a very rapid pace. It depends vastly on crop imports. As Russia is the leading supplier of wheat, sunflower oil, rapeseed, corn, African nations see Russia as a potential agri supplier.

Egypt was the important trading partner of Russia among all African countries. Egypt was responsible for over 26% share of Russia-Africa trade volume. As per Russia trade data, Russia exported around 5.5 billion dollars worth of goods to Egypt during fiscal year 2022. Russia's key imports from Africa include grapes, potatoes, fruits, nuts, citrus fruits, etc. Whereas, Russia exports mostly wheat, copper, sawnwood, plywood, etc.

According to the latest Russia import export data reports, it has exported over 10 MMT of grains to Africa in the first half of 2023 whereas it was 12 MMT in 2022. These include Egypt, Nigeria, Algeria, Kenya, South Africa, Sudan and Tanzania.

Russian fruits and vegetables are in great demand in the African market. The top destinations for Russian fruits and vegetables exports are South Africa, Morocco, Algeria, Egypt, Kenya, Nigeria, Rwanda and Tanzania. Recently, Russia has announced 50,000 metric tonnes of grain exports to Zimbabwe, Somali, Burkina Faso, Malo, Eritrea, Central African Republic, etc.

Africa has very rich mineral deposits. As per Russia import data records, Russia does a variety of precious minerals imports from Africa that includes gold, diamonds, lithium, bauxite, chromium and lithium. The major suppliers of minerals to Africa are DR Congo, Angola, Madagascar, Guinea, Mali, Zimbabwe, Sudan and Mozambique.

 

Whereas, Russia is investing in Africa's energy sector. Russia's key sectors of investment are oil, natural gas, and nuclear energy. Whereas, African countries are the prominent buyers of mineral fuels and oils from Russia. 

According to the Russia export data reports, African countries had over 18% share of total Russian exports. The prominent destinations for these products include Nigeria, Ethiopia, Ghana, Rwanda, Zambia and Sudan. Russian companies like Gazprom, Rostec, Rosatom, Lukoil had major branches in Africa.

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