Deep processing is a window of opportunity to increase Russian exports

Grains, Cereal & Legumes

Russia

Market & Price Trends

Published Mar 21, 2024

Tridge summary

In 2023, Russia's agricultural exports surpassed $45 billion, with grain exports hitting 66 million tons. The main export destinations remained stable, including EAEU member states, Turkey, Iran, Brazil, China, Egypt, and India. Experts foresee no significant shifts in export geography, but identify potential growth markets in Africa, Southeast Asia, and Arab countries, as well as the possibility of exporting pork to China. The agro-industrial sector is focusing on enhancing product value and cost structure efficiency, with investment activity centered on export potential and deep processing of raw materials. The article also mentions a high-value entity with an annual production capacity of 250 thousand tons.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Redistribution in the geography of supplies of domestic agricultural products is not expected in the near future, experts say Revenue from the export of Russian agricultural products in 2023 for the first time exceeded $45 billion. Grain exports reached 66 million tons, including 51 million tons of wheat; supplies of grain legumes abroad more than doubled over the year - to approximately 3.5 million tons, according to the Ministry of Agriculture Russia. The geographical structure of Russian agricultural exports has remained stable in recent years, says Daniil Kozlov, head of the external environment monitoring department of the Federal State Budgetary Institution “Agroanalytics Center”. Key supply directions: EAEU member states, as well as Turkey, Iran, Brazil, China, Egypt, India. Thus, the volume of bilateral food trade with the Gulf countries has grown 1.7 times over the past five years, exceeding $1.6 billion last year, according to the Ministry of Agriculture. The United Arab ...

Source: Zol