Egyptian minister of Trade and Industry, Tarek Kabil, announced that Egyptian exports to Russian markets increased by 32.8% from January to November 2017, reaching $464.8 mln compared to $350 mln during the same period of 2016.
For his part, Ahmed Antar, first deputy minister of Trade and Industry and head of the Egyptian Commercial Service Office, said that the intensive promotional efforts carried out by the Egyptian Commercial Office in Moscow resulted in providing more export opportunities.
Nasser Hamed, head of the Egyptian Commercial Office in Moscow, said that Egyptian exports of vegetables and fruits to Russia increased by 39%. Thereby they were amounting to about $359 mln in the first 11 months of 2017, compared to about $258.5 mln during the same period of 2016.
He pointed out that Egyptian exports of vegetables and fruits to Russia represent 77% of the total Egyptian exports to Russia.
Kabil assured that currently there are still negotiations with the Eurasian Economic Union about the road map for the free trade areas (FTA) agreement, scheduled to be launched in the next few months. The Eurasian Economic Union includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, so this agreement will increase bilateral trade relations between Egypt and the markets of these countries.
About a year and a half after the regular export of BiH (Bosnia and Herzegovina) apples in Russia was resumed, the ban is set to take effect again. The reason behind this is that inspections have once more determined that some enterprises in Republika Srpska violate the agreement.
The ban had originally been imposed when there was a problem with the origin of the apples: although they appeared as RS products, they turned out not to be. They originated, in fact, from other countries. The agreement between Russia and BiH says that apples and other fruit and vegetables must be an original BiH product, not the product from third countries.
Balkaneu.com reported that Minister of Foreign Trade and Economic Relations of BiH, Mirko Šarović, confirmed that the Russian Federation has again imposed a ban on imports of apples from BiH that comes into force Monday, January 22. He explained that the certificate for controversial apples was issued by the phytosanitary inspection in Brcko District, BiH, and transported to the Russian market as a local product.
Russia’s economy unexpectedly contracted in November, hit by a drop in industrial production, the economy ministry said on Monday.
Gross domestic product shrank 0.3 percent year on year in November, the economy ministry said, contrasting with analysts’ consensus call for a 1.5 percent growth.
Russia’s oil-dependent economy was on the mend in 2017 after two years of recession, triggered by a sharp drop in global commodity prices as well as sanctions imposed by Western countries against Moscow for its role in the Ukrainian crisis.
In November, GDP was dragged down by the industrial sector where output contracted 3.6 percent compared with a year ago. The economy ministry said it blamed the weaker industrial output on the global agreement of major oil producers, including Russia, to limit crude production in order to prop up commodity prices. The ministry also said the industrial output sank because of the warm weather, which pressured demand for natural gas on either domestic and foreign markets. (more…)
According to the Office of Statistics, the fruit and vegetable export form Heilongjiang increased greatly in 2017. The total export volume of fruit and vegetables was 72.900 MT, with a value of 35,971,200 USD. That is an increase in export volume of 28.8% in comparison with the same period in the previous year, and an increase in value of 28.41%. This is a new high point in the history of fruit and vegetable transport from Heilongjiang port to Russia.
Over 19,000 tons of banned western food products have been destroyed as of Tuesday, Jan. 9, Russia’s state agriculture watchdog said in a statement published on its website. The ban was introduced in August 2014 in retaliation to Western sanctions imposed on Russia following its annexation of the Crimean peninsula. Since then, the country has destroyed hundreds of tons of fruits and vegetables, cheeses and livestock products.
Only 278 tons of the confiscated products remained untouched, Rosselkhoznadzor added.
The practice of destroying foods dates back to August 2015, a month after President Vladimir Putin ordered the physical destruction of fruits and vegetables, dairy, meat and other agricultural products imported to Russia from the blacklisted countries.
The ban has been extended until late 2018.
Meanwhile, the EU has demanded 1.4 billion euros in compensation from Russia for banned pork.
Russia’s economic growth in 2017 is expected to stand at 1.8 to two percent, Russian Finance Minister Anton Siluanov said on Sunday.
“This year, we expect an economic growth of 1.8%-2%,” he said in an interview with the Rossiya-24 television channel.
In mid-December, Russia’s Central Bank forecasted the country’s economic growth in 2017 at 1.7-2.2%. The Bank’s governor, Elvira Nabiullina, said back that that the forecast leaned “to the lower threshold.” In 2018, Russia’s economic growth, as predicted by the Central Bank, will be in a range from 1.5 to 2%
The European Union has extended the sanctions against Russia by six months. The sanctions were activated in 2014 as a response to the Russian annexation of the Crimea. Later the sanctions were linked to the carrying out of the Minsk accords, which aim for a cease fire in Eastern Ukraine. For now the country remains full of unrest.
Unlike previous extensions there was little attention paid to it in the run up. In previous years when the decision was made there was some protests from member states, national government or lower government. Donald Tusk, president of the European Commission, summed it up in a Tweet: “EU united on roll-over of economic sanctions on Russia.”
This decision has no short term consequences on the boycott of fruit and vegetables from Europe that Russia imposed as a response to the sanctions. Russia announced they would be maintaining the boycott until the end of 2018 when the sanctions were last extended. In the European Parliament last month there were parliamentarians who agreed that the EU should be doing more to tackle the consequences of the boycott. European Commissioner Hogan responded that there were enough measures in place to limit the damage of the boycott.
As of November 28, gross harvest of greenhouse vegetables in Russia was 690,100 MT, which is 13.6% more than in the same period last year (to compare – in 2016 it was 607,100 MT) as it was reported by the press service of the Ministry of Agriculture of the Russian Federation.
450,200 MT of cucumbers were harvested (in 2016 – 409,400 MT) and 229,000 MT of tomatoes (in 2016 – 182,500 MT). The yield of other vegetable crops was 10,900 MT (in 2016 – 15,200 MT).
The leading regions in the production of greenhouse vegetables are Krasnodar region (82,000 MT), Stavropol region (61,000 MT), the Republic of Tatarstan (41,700 MT), the Republic of Bashkortostan (39,200 MT), and Lipetsk region (33,700 MT).
Russia’s budget deficit will amount to around 2% of GDP or even less by the end of this year, Economic Development Minister Maksim Oreshkin said Wednesday.
“Despite oil prices falling to around $40 per barrel, budget deficit will be less than 2% (of GDP) this year,” he said.
According to Oreshkin, the country’s economy is on the rise. “What is being discussed now is the issue of economic growth. Global organizations and we expect (GDP) growth of roughly 2%,” he said.
The Russian government and the Central Bank are already implementing a number of measures aimed at reaching higher growth rates, the minister said. “Two years ago inflation was above 12% whereas today’s inflation is within the range of 2.6%,” he said.