According to the Ministry of Economy, during the first eight months of 2023, the volume of trade between Russia and African countries increased by 43.5% compared to the same period last year, reaching $15.5 billion. These figures were published in a report presented to the RBK publication.
The Ministry of Economy's press service noted that Egypt has become Russia's leading trading partner among African countries, followed by Algeria, Morocco, Tunisia, and Libya. They emphasized that Africa possesses rich natural resources but is in need of advanced technologies, especially in the fields of resource development and mineral extraction, which Russia offers.
For the entire year 2022, the trade turnover between Russia and African countries amounted to $18 billion. As President of Russia, Vladimir Putin pointed out, more than half of Russia's exports to Africa include machinery and equipment, chemical products, and food.
According to the statistics from the Central Bank, the share of the ruble in settlements for Russian exports to Africa decreased to 12.7% in July, compared to 48.3% in June, primarily due to the weakening of the ruble. At the same time, demand for "friendly" currencies, including the yuan, continues to grow.
Source: RBK