Russian-Saudi Agricultural Trade Doubles, Reaches Record Highs
Date
5/21/2023 7:49:37 AM
(MENAFN) The Russian Ministry of Agriculture has revealed that the volume of mutual trade in agricultural and food products between Russia and Saudi Arabia has experienced significant growth. Following a meeting between Dmitry Patrushev, the head of the ministry, and Ahmad Al-Faris, the governor of the Saudi General Food Security Authority, it was announced that the trade volume between the two countries doubled during the period from January to April.
The positive trend in trade between Russia and Saudi Arabia has continued throughout this year, with the volume of mutual trade already more than doubling within the first four months. The Russian Ministry of Agriculture highlighted that in 2022, trade turnover in agricultural and food products had reached record levels. Notably, approximately 70% of this trade was related to grain, and there has been a notable increase in the export of Russian meat products.
Russian Ambassador to Saudi Arabia, Sergey Kozlov, had previously expressed the belief that there is ample room for further growth in bilateral trade between the two nations. In 2022, the trade turnover amounted to around USD1.75 billion, and both Moscow and Riyadh have set a target to boost annual trade to USD5 billion.
These developments reflect the growing economic cooperation and potential between Russia and Saudi Arabia in the agricultural and food sectors. The significant increase in trade volume indicates a strengthening partnership and a mutual desire to enhance bilateral economic ties. As both countries continue to explore opportunities and expand their trade horizons, it is anticipated that the agricultural and food trade between Russia and Saudi Arabia will continue to flourish.
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