CAIRO: Egypt exports to Russia increased by 45 percent in January 2016 to reach $35.6 million compared to $24.5 million during the same period last year, Industry and Foreign Trade Minister Tarik Qabil was quoted by Al Ahram Friday.
The increase comes amid the ministry’s plan to take advantage of Russian restrictions on Turkish imports, Qabil said, adding his ministry eyes an export volume to Russia worth $700 million by 2018.
“We noticed an increase in deliveries of horticultural products to Russia in January,” Kabil said on the sidelines of the Russian-Egyptian business forum that was held in Cairo in Feb.
Russian President Vladimir Putin signed a decree on economic measures against Ankara in the wake of the downing of a Russian aircraft in November 2015. The decree included a food import ban on certain products.
During a meeting with a delegation of Russian companies in May 2015, former Industry and Foreign Trade Minister Mounir Fakhry Abdel Nour said that the trade balance between Egypt and Russia has boomed from a $3 billion value in 2013 to $5.5 billion in 2014, with Egyptian exports to the Russian market rising by 22.3 percent in 2014.