Egypt, Russia trade exchange increases by 14% during 2023



Sun, 28 Jan 2024 - 12:48 GMT


Sun, 28 Jan 2024 - 12:48 GMT

CAIRO – 28 January 2024: The trade exchange between Egypt and Russia marked an increase of 14 percent, to record $5.1 billion from January to November 2023, compared to $4.5 billion in 2022, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

During the first 11 months of 2023, Egypt's exports to Russia valued at $469 million, showing a decrease of 13.7 percent, compared to $543 million in 2022. 

The main commodities exported by Egypt to Russia included vegetables and fruits amounted to $380.3 million, plastics amounted to $20.3 million, oilseeds and fruits amounted to $10.3 million, machinery and electrical appliances amounted to $8.4 million, and dairy amounted to $7.4 million.

Egypt's imports from Russia reached $4.6 billion in 2023, demonstrating an increase of 17.5 percent, compared to the $3.9 billion recorded in 2022.

Notable commodities imported by Egypt from Russia were grains valued at $2.5 billion, fats and vegetable oils valued at $475.2 million, iron and steel valued at $555 million, fuel and mineral oils valued at $350.2 million, and wood and its products valued at $276.7 million.

In terms of investments, Russian investments in Egypt during the FY 2022/2023 amounted to $141.2 million, an increase of 117.6 percent, compared to the FY 2021/2022 when investments were valued at $64.9 million.

This came in conjunction with a recent video conference between Egyptian President Abdel Fattah El Sisi and his Russian counterpart Vladimir Putin. The conference took place during a ceremony where the first concrete was poured into the foundation of the fourth power unit at Egypt's El-Dabaa Nuclear Power Plant.

The project to build Egypt's first nuclear power plant is being implemented by Rosatom State Corporation in accordance with the Russian-Egyptian Intergovernmental Agreement of 2015. Four power units with a total capacity of 4,800 megawatts are expected to be built.



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