Exports of Russian fat and oil products to exceed $ 7 billion by the end of 2021

Russia

Published Dec 31, 2021

Tridge summary

In monetary terms, fat and oil products produced in Russia were exported for record amounts - more than 7 billion US dollars. In physical terms, the volume may exceed 7.5 million tons “This year, the export of the industry has noticeably“ gained ”in value terms due to a strong increase in prices on the world market. If last year we exported $ 5 billion, today - more than 7. Real production of fat and oil products by the end of the year dropped by 7%. The reasons for the reduction were the low sunflower harvest in 2020 and the speculative restraint of sales of oilseeds of the new crop by agricultural producers at the beginning of the 2021/2022 season, ”said Mikhail Maltsev, executive director of the Russian Fat and Oil Union.

Original content

In monetary terms, fat and oil products produced in Russia were exported for record amounts - more than 7 billion US dollars. In physical terms, the volume may exceed 7.5 million tons “This year, the export of the industry has significantly“ gained ”in value terms due to a strong increase in prices on the world market. If last year we exported $ 5 billion, today - more than 7. Real production of fat and oil products by the end of the year dropped by 7%. The reasons for the reduction were the low sunflower harvest in 2020 and the speculative restraint of sales of oilseeds of the new crop by agricultural producers at the beginning of the 2021/2022 season, ”said Mikhail Maltsev, executive director of the Russian Fat and Oil Union. Thanks to the consistent policy of the Ministry of Agriculture of Russia, a new record for the harvest of oilseeds has been set this year - more than 23 million tons, which is 4% more than the previous maximum achievement in 2019. Compared to last year, the ...

Source: Agroxxi