In spite of enemies, Russia has become the world leader in wheat exports

Wheat

Russia

Market & Price Trends

Innovation & Technology

Published Mar 25, 2024

Tridge summary

Russian President Vladimir Putin has lauded the country's agricultural sector, noting that agricultural exports now exceed arms exports. In 2023, Russia set a new record by exporting over 66 million tons of grain, primarily wheat, corn, and barley, worth nearly $16 billion. Despite Western sanctions, Russia continues to supply wheat to countries like Italy, even amid allegations of selling wheat at dumping prices. While wheat imports from Russia have decreased in countries like Iran, Türkiye, and Saudi Arabia due to increased local harvests, increased supplies to countries like Bangladesh, Algeria, Pakistan, Indonesia, and Kenya have compensated for this decrease. Wheat exports for the 2023-2024 season are expected to remain stable, but potential weather issues in Argentina and Australia and conflict in Ukraine could create uncertainty in 2024.

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

At a meeting with his confidants, Vladimir Putin said that he was proud of the “incredible successes of Russians working in agriculture.” According to the head of state, the achievements of farmers are “simply incredible,” noting that today’s indicators of Russian agriculture previously seemed impossible. “It would never have occurred to us that our exports of agricultural products would be many times greater than our arms exports,” Putin said. He also recalled that our country is now the world leader in the global wheat market. At the same time, the president did not disclose specific figures for Russian exports. This was done by the Minister of Agriculture of the Russian Federation Dmitry Patrushev, who the day before, at a meeting in the Kremlin, reported to the head of state about the record achievements of domestic agribusiness for our country: “In 2023, Russia exported more than 66 million tons of grain worth almost 16 billion dollars (1.5 trillion rubles). This is an ...

Source: Kvedomosti