Africa’s advanced economy plans on increasing wine shipments to Russia
Date
8/26/2024 7:29:10 AM
(MENAFN) South Africa is ramping up its efforts to enhance exports of wine and fruit to Russia, targeting new markets beyond the traditional hubs of Moscow and St. Petersburg. According to a report by Izvestia on Friday, the focus will be on increasing trade with Yekaterinburg in the Urals and Vladivostok, a major Pacific seaport.
The initiative reflects South Africa’s ambition to diversify its trade routes and expand its economic footprint within Russia. Cecile Theresa Heppes, an adviser at the South African embassy in Moscow, explained that while the political relations between the two countries are robust and longstanding, their trade relations do not yet match this level of cooperation. "Our countries already have a very high level of political relations that go back many decades, but our trade relations and our trade performance are not at the level we would like them to be at," Heppes said. She emphasized that both nations are working closely to boost trade volumes.
South Africa, a leading economy in Africa, has established itself as a significant ally of Russia, particularly through its membership in the BRICS bloc, which also includes Brazil, Russia, India, China, and South Africa. Despite this alliance, there has been a notable disparity in trade between the two nations. Recent data from the United Nations COMTRADE database indicates that South African exports to Russia amounted to approximately USD282.77 million last year. However, the total trade turnover between the countries was reported to be USD1.2 billion in 2023. South Africa's primary export to Russia has been citrus fruits, while it imports chemicals and fertilizers from Moscow.
This new push to increase wine and fruit exports is part of a broader strategy to address the trade imbalance and strengthen economic ties between South Africa and Russia, aiming to elevate their economic partnership to match their strong political relationship.
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