Friday, 9 June, 2023

Russia-Saudi agri-trade jumps

Russia-Saudi agri-trade jumps

The volume of mutual trade in agricultural and food products between Russia and Saudi Arabia doubled between January and April, according to the Russian Ministry of Agriculture.

The statement was made following a meeting of the ministry’s head, Dmitry Patrushev, with the governor of the Saudi General Food Security Authority, Ahmad Al-Faris, reports RT.

“This year, the positive dynamics continue, while in four months the volume of mutual trade has already more than doubled,” the statement read.

The Russian ministry reported that trade turnover in agricultural and food products reached record highs in 2022. About 70% of that trade was in grain, and exports of Russian meat products have also been growing, it added.

Russian Ambassador to Saudi Arabia Sergey Kozlov had previously said there was plenty of room for growth in the two countries’ trade. The turnover amounted to about $1.75 billion in 2022, with Moscow and Riyadh aiming to boost annual trade to $5 billion, he noted.