Egypt’s exports to Russia rebound, snap two-year losing streak: minister

Egypt’s exports to Russia rebounded during the first half of 2017, breaking a two-year losing streak ranged between 16 and 25 percent, Egyptian Industry Minister Tarek Qabil said Sunday.

The exports rose 26 percent to reach $360 million in the first half of 2017, compared to $286 million in the same period last year.

The recent rally was due to the Egyptian government’s successful negotiations with Russia to lift a ban placed on Egypt’s agricultural exports, the minister added.

Egypt’s exports to Russian market vary between agricultural products including fruits and vegetables in addition to medicinal and aromatic plants, frozen and food products, bedding, household appliances, cosmetics, and pharmaceuticals.

Meanwhile, Russia’s exports to Egypt include wheat, animal and vegetable oils, coal, wood, iron, and steel.

Egypt’s agricultural exports to the Russian market also rose, including grapes with a 28.8 percent growth, fresh strawberries 43.7 percent, potatoes 159.5 percent, onions 29.8 percent, and medicinal and aromatic plants 24.6 percent.

Trade exchange between Egypt with Russia also rose 14 percent to $2.338 billion during the first half of 2017 from $2.049 billion in the same period last year.