In the first quarter, Russian agricultural exports to China exceeded $1 billion

Published 2021년 4월 21일

Tridge summary

In the first quarter of 2021, Russia experienced a significant surge in agricultural exports to China, with volumes increasing by 57% to 1.8 million tons and the value rising by 9.5% to $1.09 billion. This growth was primarily driven by a multiple increase in the export of soybeans, as well as higher exports of sunflower oil, rapeseed oil, and crustaceans, despite changes in export structures and the impact of export duties and the pandemic. Although Russia's food exports to China rank second, they are expected to grow in monetary terms this year due to the high demand for Russian oil and the consistent restoration of crab supply to China. The demand for Russian agricultural products in China remains strong, despite being the world's leader in production of many agricultural products, as its agro-industrial complex struggles to meet the growing demand.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Federal Customs Service, in January-March 2021, Russia exported 1.8 million tons of agricultural products to China, which is 57% higher than the same period last year. The value of the supply increased by 9.5% to $ 1.09 billion. Despite the growth, this year the PRC still ranks second among the largest buyers of Russian food, behind Turkey. The structure of export sales to China at the beginning of the year underwent significant changes. Thus, the export of soybeans showed a multiple growth compared to last year: in physical terms, their shipments increased 4.4 times to more than 1 million tons, in monetary terms - 4.9 times to 357 million dollars. More than 95% of this volume accounted for in January, which is largely due to the introduction of export duties in Russia from February 1. “On the eve of the imposition of the duty on soybeans, exporters, using the mechanism of preliminary declaration, declared the export of a significant volume of soybeans,” Mikhail ...

Source: Aemcx