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Pakistan bought Russian grain for UAE dirhams for the first time


December, 20 2023
watermark Economic news

According to government data, in November, for the first time, Pakistan paid for the supply of Russian grain in dirhams of the UAE, which became a significant event in bilateral grain trade.


Imports of agricultural products from Russia reached a record 1.4 million tons for the current year, which significantly exceeds last year's volumes (294 thousand tons).


In particular, in November, Pakistan imported 377.2 thousand tons of wheat from Russia in the amount of 10.6 billion rubles. It is noted that 82% of this amount was paid in UAE dirhams, which was the first time that Russian wheat supplies were paid in this currency.


This fact indicates the growth of trade relations between Russia and Pakistan in the field of agriculture and underlines the growing demand of Pakistan for Russian agricultural products. Earlier in September, Russia supplied oil for the first time in Chinese yuan, and during the year the country exported coal for dirhams.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.