Egyptian exports to Russia jump 26% in H1 2017

CAIRO – 20 August 2017: Egyptian exports to Russia edged up for the first time in three years to record $360 million in the first half of 2017 (H1), Minister of Industry and Foreign Trade Tarek Kabil said on Sunday.

After a decline in exports to Moscow over the previous two years at a percentage between 16 percent and 25 percent compared to normal levels, Russian imports from Egypt hiked 26 percent in H1 up from $286 million in H1 2016.

The rebound is attributed to the efforts of the Ministry of Industry in promoting exports, and lifting ban on agriculture and tomatoes exports, Kabil said in a statement.

The biggest hike was witnessed in home appliances at $4.5 million, up from $1.3 billion in H1 2016, marking a 230 percent increase.

Food products exports in that period amounted to $6.56 million, up from $2 million in H1 2016, recording a 228 percent increase.

Russian investments in Egypt amounted to $3.1 billion by the end of 2016, 52 percent of which are in the oil and gas sector, head of the Trade Representation of Russian Federation in Egypt, Aslanov Nikolai said in June.