Tarek Kabil, minister of trade and industry, announced that Egyptian exports to Russian markets increased by 32.8% from January to November 2017, to reach $464.8m compared to $350m during the same period of 2016.
This came according to the latest report received by the minister from the Egyptian Commercial Office in Moscow about the development of Egyptian exports to Russia during the first 11 months (11M) of 2017.
Kabil added that the preliminary indicators for 2017 indicate that Egyptian exports to the Russian market may have exceeded $500m for the first time in the history of the trade relations between the two countries.
For his part, Ahmed Antar, first deputy minister of trade and industry and head of the Egyptian Commercial Service Office (ECS), said that the intensive promotional efforts carried out by the Egyptian Commercial Office in Moscow that resulted in providing more than 23 export opportunities in various sectors by a value of up to $60m.
Antar pointed out that the office is seeking to boost Egyptian exports to the Russian market from the garment, chemical, furniture, and engineering industries.
In this context, the head of the ECS said that Egyptian exports to Russia include 35 items, pointing out that there are great opportunities for increasing exports of ceramics, food industries, and medical industries in addition to traditional exports such as potatoes.
Moreover, Nasser Hamed, head of the Egyptian Commercial Office in Moscow, said that Egyptian exports of vegetables and fruits to Russia increased by 39%, amounting to about $359m in the first 11 months of 2017 compared to about $258.5 m during the same period of 2016.
He pointed out that Egyptian exports of vegetables and fruits to Russia represent 77% of the total Egyptian exports to Russia.
Hamed said that Egyptian exports to Russia from food products increased by 87% in 11M 2017, to reach $17m compared to $9m during the same period last year.
On the other hand, Kabil assured that there are currently negotiations with the Eurasian Economic Union about the road map for the free trade areas (FTA) agreement, which is scheduled to be launched in the next few months.
The Eurasian Economic Union includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, so this agreement will increase bilateral trade relations between Egypt and the markets of these countries.