Cairo, Moscow trade stands at $950M in Q1

CAIRO – 10 June 2017: Bilateral trade between Egypt and Russia is valued at $950 million in the first quarter of 2017, the head of the Trade Representation of Russian Federation in Egypt, Aslanov Nikolai, said Saturday.

Concerning 2016 figures, Nikolai told state-run news agency MENA that the total trade volume between both countries amounted to $4.2 billion, slightly up from $4.1 billion in 2015. The majority of the bilateral trade was imports from Russia, which recorded $3.8 billion, 3 percent more than 2015.

Russian exports to Cairo include $1 billion worth of wheat, representing 26 percent of exports, $636 million of minerals and $611 million of transport vehicles.

Meanwhile, Egyptian exports to Russia include $275 million worth of fruit and vegetables, $46 million of clothes, $7 million of pharmaceutical products and $4.2 of carpets.

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, Nikolai added.