Trade Turnover Between Russia and African Countries Has Reached Historic High of $24.5 Billion

In 2023, trade turnover increased by almost 37% to $24.5 billion compared to last year, and in the first eight months of 2024, Russian-African trade turnover grew by another 18.5% to $18.6 billion, stated Dmitry Volvach, Russia’s Deputy Minister of Economic Development.

Moreover, by 2030, a twofold increase in mutual trade volumes is projected, he added.

"Almost 90% of Russia's exports to Africa last year consisted of oil and oil products, wheat, various metals, and metal products. Imports from Africa mainly include agricultural products—fruits, nuts, cocoa, and coffee," Volvach said at the first ministerial conference of the Russia-Africa Partnership Forum.

The importance of economic contacts with Africa was previously emphasized by Russian President Vladimir Putin.

"These ties are now indeed developing successfully, bringing mutual benefits to all our countries, promoting economic and social growth, and improving people's well-being," he said.

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However, Russian exports traditionally exceed the volume of goods imported from African countries. Both sides, he said, are actively working to increase purchases in African countries to reduce this imbalance.

"This is in the interest of all parties, as it will, on the one hand, increase the sales volumes of our partners, and, on the other hand, improve conditions for transport and logistics companies, which currently mostly operate in one direction," explained the deputy minister.

Volvach also identified several promising areas for Russian-African cooperation—increasing exports of products and services, developing tourism, and joint projects in the energy sector.

Furthermore, according to the official, Russian business is interested in investing in African countries. The Ministry of Economic Development of Russia is working on the possibility of signing agreements on the promotion and mutual protection of investments with several African countries. Currently, six such agreements have been concluded—with Angola, Egypt, Zimbabwe, Libya, Equatorial Guinea, and South Africa, while two more—with Congo and Morocco—are in process.

"We are helping Russian businesses enter the markets of African countries and address current issues through intergovernmental commissions on trade-economic and scientific-technical cooperation," noted Volvach. "Currently, there are 18 successful intergovernmental commissions with African countries. New agreements on establishing intergovernmental commissions are being developed with partners from Senegal, Cameroon, Rwanda, and Cote d'Ivoire."