Egypt-Russia trade exchange hits $5.4bn

Trade exchange between Egypt and Russia soared by a massive 86 per cent in 2014 to total $5.4 billion, official figures reveal.

During that same year, Egyptian exports to Russia surged by 22.3 per cent to $540m, indicating that economic ties between the two countries have significantly improved, Youm7 reports.

The main Egyptian exports to Russia include potatoes, frozen vegetables, oranges and electrical appliances while imports from Russia are mainly oil and wheat.

The value of Russian investments in Egypt amounted to $70m, mainly in areas of tourism and construction, while Egyptian investments in Russia stood at $9m only.

Director of Egypt’s Commercial Service Office, Ali al-Laithi, says an anticipated visit by president Abdel Fattah el-Sisi to Moscow will contribute to further cementing economic cooperation between the two countries, opening the door for a large market to Egyptian exports.