Bilateral trade between Russia and South Africa increased by 16.4% in 2022, reaching $1.5 billion, according to the Russian Ministry of Economic Development. The figures show a significant improvement in economic relations between the two countries, with both sides expressing optimism about the future of trade and investment.
Russian exports to South Africa increased by 9.6% to $695.2 million, while imports from South Africa rose by 23.4% to $803.4 million. The main items of export from Russia to South Africa were machinery, mechanical appliances, and equipment, while the main imports from South Africa were precious stones, metals, and minerals.
The two countries have been working to strengthen their economic ties, with Russia aiming to increase its presence in South Africa’s mining, energy, and agricultural sectors. The South African government has also expressed interest in expanding its trade with Russia, particularly in the areas of technology and science.
Despite the positive growth in bilateral trade, there are still challenges to be addressed, such as increasing the diversity of traded goods and reducing trade barriers. Both countries have expressed their commitment to overcoming these challenges and enhancing their economic partnership in the coming years.
Overall, the growth in bilateral trade between Russia and South Africa in 2022 is a positive sign for the future of economic relations between the two countries, with both sides showing a willingness to cooperate and explore new opportunities for trade and investment.
