News

In 2023, corn seed imports to Russia could decline by 40%; Supplies from major countries have dropped sharply

Published Oct 27, 2023

Tridge summary

Import of corn seeds to Russia is expected to decrease by 40.1% by 2023, according to RUSEED analysts. Hungary has been a main supplier, but supply volumes from there and other European countries are expected to decline. However, imports from Turkey are increasing. The increase in cost from suppliers and the weakening of the ruble against the US dollar are contributing factors to the rising prices of imported seeds. As a result, domestic seeds are becoming a more attractive option. The share of domestic corn seeds in Russia is expected to reach 65% by 2024, as domestic breeding and seed companies have increased production capacity to meet domestic market demand. New rules for seed production localization have also been approved by the Russian government to reduce dependence on imports and support the development of the domestic seed industry.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Imports of corn seeds to Russia by the end of 2023 could decrease by 40.1% and amount to 19.6 thousand tons, analysts from the breeding and seed company RUSEED estimated. Since 2014, the volume of corn seed imports has been gradually decreasing, although before that the figure was growing noticeably. Thus, in 2002, 5.5 thousand tons of seeds were imported, and in 2014 - already 46.6 thousand tons. Last year, 32.7 thousand tons of corn seeds were supplied to Russia. Over the past 20 years, Hungary has been one of the main suppliers of corn seeds, but supply volumes from there are also declining. Also this year, a reduction in supplies from Serbia and EU countries, including France, Romania and Germany, is expected. At the same time, imports from Turkey are growing, RUSEED analysts note. According to their forecast, the volume of imports of Turkish corn seeds will more than double last year’s figure (733 tons) and amount to 1.6-1.7 thousand tons. In 2022, the average contract price ...
Source: Zol
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