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Egypt’s trade exchange with Russia increases by 37% over H1 2018 - Daily News Egypt

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Egypt’s trade exchange with Russia increases by 37% over H1 2018

Over 60% of total Russian investments concentrated in oil, gas sector, says Russian Trade Representation head

Egypt’s trade exchange with Russia increased by 37% during first half (H1) of 2018 in comparison with same period of 2017, recording $3.212bn, according to the Head of Trade Representation of Russia in Egypt, Nikolai Aslanov on Monday, clarifying that the statistics source is the Russian Federal Customs Service.

Aslanov added that Russian exports reached $2,810bn increasing by 42% from January to June, while exports from Egypt increased by 12% to reach $402m in the same period, noting that the main items of Russian exports to Egypt are wheat, metals, oil and gas, means of transportation, wood and wood works and fats and oils.

Statistics mentioned that wheat represented 30% of total volume of exports with an increase of 25%, during the first six months up by $840m, adding that metals and metal ware contributed 23% of exports, an increase of 226%, up by $655mn.

Statistics said that oil and gas exports which represent 17% of total exports, increased over 84% up to $481m during the first six months, adding that means of transportation exports reached $196m, while wood and wood works’ exports increased by 57% up to $169m and fats and oils’ exports recorded at $150m.

Additionally, statistics clarified that main Egyptian export items to Russia included fruits, vegetables, garments, electrical machinery, and equipment and soap, noting that fruits’ exports which represent 46% of total exports increased by 28% up to $185m during the first six months of 2018 while vegetables exports with a share of 40% reached $161m over the same period of 2018.

Statistics also said that garment exports reached $17m, while electrical machinery and equipment exports increased by 224% up to $15m, pharmaceutical products reached $4m and soap exports increased by 247% up to $4m.

Moreover, Aslanov noted that the total volume of accumulated investment of the Russian capital in Egypt by the end of 2017 reached $4.6bn, more than 60% concentrated in the oil and gas sector.

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