Russia’s trade with Africa nearly doubles in 2023, Morocco in third position

Russia’s trade with Africa nearly doubles in 2023, Morocco in third position

Russian trade with African nations has marked a nearly 43 percent increase in the first eight months of this year, with a total trade volume reaching approximately $15.5 billion USD.

The Russian Ministry of Economic Development has revealed that Egypt and Algeria ranked as Russia’s top two trading partners in Africa, followed by the Kingdom of Morocco in third place, with Tunisia and Libya claiming the fourth and fifth spots, respectively.

Russia’s Minister of Economic Development, Maxim Reshetnikov emphasized the abundant resource potential of Africa and the need for advanced production technologies to foster development in the energy and mining sectors.

He underscored the importance of sharing Russia’s expertise in infrastructure development, including housing, roads, railways, ports, and pipelines, to accommodate the high urbanization rates in African countries.

Ruslan Davydov, Acting Head of the Federal Customs Service, highlighted the growth in Russia’s trade with Africa, noting that Africa’s share of Russian trade had risen to 3.7 percent in the first months of the year, up from 2.3 percent in the same period the previous year. He anticipated a significant increase in trade volume between Russia and Africa in 2022, potentially doubling last year’s levels.

Russian President Vladimir Putin expressed his country’s interest in signing free trade agreements with several countries, including Morocco, as part of efforts to expand cooperation in North Africa and strengthen economic ties.

Russia’s recent decision to allow trading in its local currency market, along with other nations, is aimed at reducing the reliance on the US dollar. Approximately 13 percent of Russian exports to Africa are now conducted in Russian currency, while 79 percent are in other currencies, according to data from the Bank of Russia in July.


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