Russian shipments to Africa surpasses sales to US

(MENAFN) Recent macroeconomic data reveals a notable uptick in African imports from Russia, surpassing the volume of trade with North and South America combined, reports Russian business daily RBK. According to figures from the Federal Customs Service (FCS), the share of African imports in Russia's overall export volumes experienced a remarkable 100 percent year-on-year increase in 2023, rising from 2.5 percent to nearly 5 percent.

Conversely, the portion of exports to the 'America' macroregion, encompassing the Caribbean, Central America, South America, and North America, reportedly declined to 2.9 percent in 2023, down from 3.5 percent in the previous year. In terms of monetary value, Russian exports to African nations surged by 43 percent to reach USD21.2 billion, while sales to countries in North and South America dropped by 40 percent to USD12.2 billion.

Comparing these figures to the pre-sanctions year of 2021, Africa's share in Russian exports saw a notable increase from 3 percent to 5 percent, while America's portion decreased from 6 percent to 3 percent, as reported by the Center for Macroeconomic Analysis and Short-Term Forecasting (CAMAC), cited by RBK.

The surge in exports to Africa in 2023 was particularly evident in Russian petroleum products, nearly doubling in volume, along with significant growth in wheat exports, as highlighted by the outlet.

Alexander Firanchuk, a senior research associate at the Russian Presidential Academy of National Economy and Public Administration (RANEPA), noted that African countries' share in Russian trade turnover, currently standing at 4.2 percent, aligns with the continent's contribution to the global economy and global trade, which hovers around 3 percent.

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