The trade turnover between Russia and South Africa has increased by almost 40% compared to last year's figures. Today it amounts to $101m in money terms and is likely to reach $140-160m by the end of the year, the Russian Embassy in South Africa informed RIA Novosti.
The major reason for the turnover growth is Russia's increased export to South Africa of oil products, chemical fertilizers and rolled steel. Fruit, juices and wine make up the bulk of South African import to Russia.
The session of the joint intergovernmental committee on trade and economic cooperation held in November in Pretoria has given great impetus to the bilateral relations. One of the major outcomes was the SAR consent to recognize Russia as a market economy. In its turn, Russia expressed readiness to include South Africa into the list of developing countries enjoying trade advantages with Moscow.
According to the Russian Embassy in South Africa, at present the two countries are negotiating on widening the range of goods exported to the SAR by Russian businessmen, namely, automobiles, manufacturing products and instruments.