Africa-Russia: A significant increase in trade in 2023
A significant increase but ambitions still not achieved
In 2023, trade between Africa and Russia will reach $24.5 billion, an increase of 37% compared to 2022. These figures were revealed by Dmitry Volvach, Russian Deputy Minister of Economic Development, at the Russia-Africa Ministerial Conference in Sochi. However, this level remains below the ambitious target announced by Russian President Vladimir Putin in 2019, to increase trade to $40 billion in five years.
A growing dynamic in 2024
In the first eight months of 2024, trade grew by 18.5%, reaching $18.6 billion. This growth reflects the growing interest of Russian and African business circles in strengthening cooperation. Dmitry Volvach expressed optimism about a possible doubling of trade by 2030.
A trade relationship dominated by raw materials
The nature of trade is strongly influenced by raw materials. In 2023, 90% of Russian exports to Africa consisted of oil, oil products, wheat, metals and metallurgical products. In return, African imports mainly included agricultural products such as fruits, nuts, cocoa and coffee.
Russia’s main African partners were Egypt, Algeria, Kenya and Libya. However, a trade imbalance persists, with Russian exports significantly outnumbering imports from Africa. Moscow and its African partners are working to reduce this gap in order to boost two-way trade and strengthen supply chains.
Challenges to achieve the announced ambitions
Despite the progress made, Russia is still struggling to meet the targets set at the first Russia-Africa Summit in 2019. Vladimir Putin had pledged to double trade, but current results show that this goal will require more effort and strategic partnerships.
Conclusion
The growth in trade between Africa and Russia highlights growing mutual interest and promising opportunities. However, reaching the $40 billion target remains a challenge. Diversification of traded products and enhanced strategies to balance trade flows will be essential to realize the full potential of this cooperation.
