(Ecofin Agency) - During the first Russia-Africa Summit held in 2019, the president promised to increase trade with the continent to "$40 billion over five years." However, the figures for 2023 and the first eight months of the current year show that Moscow is still far from reaching that goal.

Trade between Russia and Africa reached $24.5 billion in 2023, a 37% increase compared to 2022, according to Dmitry Volvach, Russia's Deputy Minister for Economic Development. 

Speaking at the Russia-Africa Ministerial Conference held last week in Sochi, southwestern Russia, Volvach explained that Russia's exports to Africa grew by 43% last year, while imports from the continent rose by 8.6%. 

He also mentioned that trade between Russia and Africa increased by 18.5% in the first eight months of 2024, reaching $18.6 billion.  “This shows the mutual interest of Russian and African businesses in expanding trade,” he said, adding that trade is expected to double by 2030. 

Volvach noted that trade between Russia and African countries mainly focuses on raw materials. “Nearly 90% of Russia's exports to Africa last year were oil, petroleum products, wheat, metals, and metallurgical goods. Imports from Africa mainly included agricultural products such as fruits, nuts, cocoa, and coffee,” he said. 

Egypt, Algeria, Kenya, and Libya were Russia’s top trading partners in Africa in 2023. 

The deputy minister acknowledged that Russia traditionally exports far more to Africa than it imports, but both sides are working to reduce this trade imbalance. “This benefits everyone. It will increase sales for our partners and improve conditions for transport and logistics companies, which currently handle mostly one-way shipments,” he explained.

Despite these significant increases, trade between Russia and Africa is still well below the goals set by Moscow during the first Russia-Africa Summit in Sochi in 2019. At the time, Russian President Vladimir Putin had promised to double trade with Africa from its 2018 level, reaching $40 billion within five years. However, the 2023 figures show that Moscow has not yet met that target.