Egypt commodity exports to Russia rise 41% in 4 months: minister

Big 5

Egypt’s commodity exports to Russia in the first four months of this year rose 41 percent from a year earlier, its trade minister Amr Nassar said on Thursday.

Egypt exported commodities worth $284 million to Russia in the first four months of this year, up from around $201 million in the same period last year.

The significant rise has contributed to lower the trade imbalance, which is in favour of Russia, Nassar said citing Egypt’s importing a number of strategic commodities from Russia, notably wheat.

Egypt is stepping up efforts to boost its exports to Russia in the coming period backed by its ongoing negotiations to reach a trade zone agreement with the Eurasian Economic Union, the Egyptian minister added.