Egyptian exports to Russia rise 32.8% in first 11 months of 2017

Egypt’s exports to Russia rose by 32.8 percent year-on-year in the first 11 months of 2017, trade minister Tarek Qabil said in a statement on Tuesday.

Exports stood at $464.8 million in the 11-month period of 2017, compared to $350 million in the corresponding period of 2016, Qabil further added.

According to preliminary indicators of 2017, the Egyptian exports to the Russian market are expected to exceed $500 million for the first time, he highlighted.

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.

Egypt is currently preparing for a roadmap of negotiations with the Eurasian Economic Union, which is set to launch over the next few months, the minister mentioned.

Given that Egypt’s exports to Russia rose by 28.5 percent to $421 million during the period from January to September 2017 from $327.5 million in the nine-month period of 2016.