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

Published 2021년 12월 30일

Tridge summary

Russia's fat and oil product exports hit a record high of over $7 billion and may exceed 7.5 million tons due to increased global prices. Despite this, the industry experienced a 7% drop in production due to a low sunflower harvest in 2020 and speculative selling of new crop oilseeds. However, the Ministry of Agriculture set a new record for oilseed harvest at over 23 million tons. Despite this, oil production has decreased by 15-30% due to producers holding back raw materials in anticipation of higher prices, leading to underutilization of processing capacities. Domestic companies are expected to produce over 6.5 million tons of vegetable oils, 8.8 million tons of meal, 1.45 million tons of margarine products, and 876 thousand tons of mayonnaise. Russia is self-sufficient in these products and exported 43% of its production to 104 countries, with China, Turkey, Iran, Belarus, and Latvia being the main importers.

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

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