Russia-Saudi agri-trade jumps

Lazy eyes listen

According to the Russian Ministry of Agriculture, the volume of mutual trade in agricultural and food goods between Russia and Saudi Arabia more than doubled between January and April.

The announcement came after the ministry’s chief, Dmitry Patrushev, met with the governor of the Saudi General Food Security Authority, Ahmad Al-Faris.

“This year, the positive dynamics continue, with the volume of mutual trade having already more than doubled in four months,” the statement said.

According to the Russian Ministry of Agriculture, trade turnover in agricultural and food products reached new highs in 2022. Approximately 70% of that commerce was in grain, and exports of Russian animal products have also increased, according to the report.

Russian Ambassador to Saudi Arabia Sergey Kozlov earlier stated that the two countries’ trade had plenty of space for expansion. In 2022, the turnover was at $1.75 billion, with Moscow and Riyadh intending to increase yearly commerce to $5 billion, he said.

Saudi Arabia joined the Shanghai Cooperation Organisation (SCO), led by China and Russia, in March. Riyadh has also formally requested to join the BRICS group of rising economies, with the bloc set to make a decision on the Gulf nation’s admission later this year. According to Kozlov, the proposed participation might result in good prospects for the kingdom’s economic cooperation and trade with the BRICS states.