Somalia’s trade deficit with Russia is highlighted as goods worth only $65,000 were exported to the country in 2021.
This is in contrast to Russia earning $10.8 million through exports to Somalia in the same year.
An Interfax News Agency report explains that Somalia’s exports to Russia comprised of sesame seeds only.
In comparison, Russia exported 36,600 tonnes of agricultural products, mainly grains and leguminous crops, sunflower oil, wheat flour, and pasta, worth $10.8 million in 2021.
The exports to Somalia increased from 29,800 tonnes of wheat worth $6.5 million in 2020. The report added that Russia’s export potential to Somalia is estimated to be $30 million yearly. Other products identified as having potential in the market include wheat flour, sunflower oil, pasta, grains and leguminous crops, yeast, among others.
Interfax reported that Somalia imported more than wheat as the market also received supplies of wheat flour, sunflower oil, yeast, soft drinks, and water without sugar and additives.