Africa has reduced the use of the ruble in payments for exports from Russia to 12.7%

In July 2023, African countries sharply reduced the share of the ruble when paying Russia for exports, using mainly the currencies of friendly countries. This conclusion did RBChaving analyzed the Bank of Russia statistics on the currency structure of payments for exports and imports with different parts of the world.

The share of the ruble used in settlements with Russia for exports fell to 12.7% in July, which is almost four times less than in June (48.3%). In addition, the value became the lowest for the year. The maximum figure was recorded in February 2023 – 82.4%. Until July, the rate did not fall below 35.2% (May 2023).

At the same time, the share of currencies of friendly countries in payments for exports amounted to 78.8%. RBC notes that the figure was the highest since January 2021. The share of “unfriendly” currencies, in particular the dollar and euro, fell to 8.5% from 12.6% in June. In May this figure was 58.9%.

The share of the ruble in payments for imports from Africa reached 34% in July, the dollar and euro – 47.4%, and other currencies – 18.7%.

The decrease in the use of the ruble in settlements with Russia for exports occurred against the backdrop of a weakening ruble. A noticeable decline in the national currency began in June and accelerated in early August. In July, the value of the dollar exceeded 90 rubles, and the euro – 100 rubles.

Previously, acting head of the Federal Customs Service of Russia Ruslan Davydov saidthat the share of trade turnover with Africa in 2023 increased to 3.7% from 2.3% in 2022. According to the latest data from the Federal Customs Service, in January 2023, exports from Russia amounted to $32.9 billion, imports – $22.2 billion. Based on these data, RBC calculated that we could be talking about trade of approximately $750 million in exports and $500 million in imports. The FCS did not disclose this information.