Russia and Saudi Arabia increase trade turnover rate

Trade turnover between Russia and Saudi Arabia increased by more than 60% in 2024, to exceed $3.8 billion, Russia's Industry and Trade Minister Anton Alikhanov said at the Innoprom-2025 exhibition.

"According to the results of last year, the volume of mutual trade increased by more than 60%, exceeding $3.8 billion. In the first quarter of this year, the pace increased even more. We have achieved a fourfold increase in trade turnover compared to the same period last year," Alikhanov said.

According to him, in order to continue this dynamic, the countries need to work together to find new growth points for further technological cooperation. The industries in which Russia and Saudi Arabia are working and which they can develop jointly in particular include shipbuilding, metallurgy and pharmaceuticals, he said.

"We have a separate national project that concerns machine tool manufacturing, automation and robotization of production processes," Alikhanov said.

The countries also have great potential for cooperation in the oil and gas equipment industry, as well as the mining industry, the minister added.