Egypt's exports to Russia reach $465 million in 11 months

CAIRO – 24 January 2018: Egypt’s exports to Russia increased 32.8 percent year-on-year in the first 11 months of 2017 to record $464.8 million, compared to $350 million during the same period of 2016, Industry and Foreign Trade Minister Tarek Kabil said in a statement on Tuesday.

Kabil added that the Egyptian exports to the Russian market are expected to exceed $500 million for the first time, according to preliminary indicators of 2017.

The free trade agreement signed between Egypt and the Eurasian Economic Union, which includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, will contribute to boosting trade volume between the North African state and these countries, according to the statement.

"Egypt's exports to Russia increased due to the rise in major export items," said Naser Hamed, chairman of the Egyptian Trade Office in Moscow.

Hamed noted that vegetable and fruit exports increased 39 percent to reach $359 million in the first 11 months of 2017, compared to $258.5 million in the same period of 2016.