Altai region in Russia is becoming a new grain giant for China
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Published Oct 19, 2023
China has surpassed Kyrgyzstan to become the second-largest importer of Altai grain. The country recently signed the largest contract with Russia for the supply of grain, legumes, and oilseeds worth $25.7 billion over 12 years. The Altai Territory in Russia has been successfully increasing its export potential in the agricultural industry, with exports of grain and its processing increasing significantly in the past 5 years.
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Last season, China took second place in the list of countries importing Altai grain, overtaking Kyrgyzstan. On October 17, the TASS news agency reported that Russia and China signed the largest contract for the supply of grain, legumes and oilseeds. The total contract amount is about $25.7 billion for the supply of 70 million tons of grain over 12 years. The main supplies will be carried out from Siberia and the Far East as part of the New Overland Grain Corridor initiative, presented by Karen Hovsepyan at the business forum in Beijing. As Maria Shostak, director of the Altai branch of the Federal State Budgetary Institution "Center for Grain Quality Assessment", commented, the Altai Territory has long been successfully developing its export potential in the agricultural industry. Over the past 5 years, exports of grain and its processing from the Altai Territory have increased 5.6 times, exceeding 2 million tons in 2022/23. Exports of grain crops increased almost 11 times to 1.2 ...