Russia – Egypt Bilateral Trade Triples To Over US$7 Billion

The Russian Foreign Minister, Sergey Lavrov, and Trade and Industry Minister Anton Alikhanov met with Egypt’s Egyptian Foreign Minister Badr Abdelatty in Moscow on Monday.

The meetings were to discuss the situation in Palestine, as well as trade updates and other bilateral relations. Egypt is also a member of BRICS, with the 2024 annual heads of state conference due to be held in Kazan next month.

Lavrov said that trade between Russia and Egypt has grown significantly over the past year, and that Moscow and Cairo are determined to maintain this trend, saying that “The positive dynamics of our trade and economic interaction is quite encouraging, as the volume of bilateral trade totalled over US$7 billion last year, significantly exceeding the previous year’s figures. It is our common determination to do all we can for this positive trend to continue and strengthen.”

The previous years trade figure was US$2.2 billion.

The two Foreign Ministers also discussed the El Dabaa nuclear power plant project in Egypt and the establishment of a Russian industrial zone at Port Said, near the Suez Canal.

Food security was also discussed, with Lavrov saying that “We attached special significance to supplies of Russian grain products to the Egyptian market and noted their stability.” He noted that Russia and Egypt agreed to continue joint efforts in all areas of the bilateral agenda, as well as on international and regional issues.

Egypt is also close to signing a Free Trade Agreement with the Eurasian Economic Union, a deal that when it arrives will also significantly boost Russian trade. It is possible this could be announced at the BRICS summit in Kazan.

Egypt sources mainly arms, grain (wheat) and metals from Russia. Security is a longstanding Russian export, and Egypt has signed contracts worth US$2 billion (13% of export agency Rosoboronexport’s portfolio). Russia’s heavily subsidized agricultural complex is no less present on the back of record harvests over the past five years. Wheat imports from Russia alone accounted for nearly US$4 billion in exports as of the end of 2023. Russia’ top imports from Egypt includes other agricultural produce – namely citrus and vegetables. Russian tourism to Egypt has also been increasing.

Georgy Borisenko, Russia’s ambassador to Egypt, said in July 2023 that expectations for Russia-Egypt bilateral trade are to reach US$10 billion in volume by 2026.