Russia has increased its supplies of buckwheat to China almost 8-fold

Market & Price Trends
Published Apr 23, 2024

Tridge summary

In the early part of this year, Russia has seen a significant increase in its buckwheat exports to China, with volumes reaching 37 thousand tons, marking a 7.8-fold increase compared to the previous year. This boost in exports has also led to a substantial rise in the monetary value, reaching 15 million US dollars, a 6.1-fold increase. Analysts are optimistic, projecting that the value of these exports could escalate to $100 million by 2030. The total supply of buckwheat and its products for the current agricultural year is expected to be 350 thousand tons, an increase of 88 thousand tons from last year's record. Since 2021, Russia has become the sole exporter of buckwheat to China, a significant change from earlier when countries like the USA, Poland, Lithuania, and Latvia were suppliers. Besides China, Russia also exports buckwheat to Uzbekistan and 30 other countries.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In January-February of this year, Russia increased the export of buckwheat to the Chinese market by 7.8 times from the same period last year, or up to 37 thousand tons. The Federal Center for the Development of Agricultural Exports (“Agroexport”, owned by the Ministry of Agriculture) announced this in its Telegram channel. In monetary terms, supplies of goods to the Celestial Empire also increased noticeably – 6.1 times or up to 15 million US dollars. However, analysts expect that by 2030 this figure could increase to $100 million. However, how much larger export volumes in physical terms may become is not specified. The organization also provided a forecast for the total supplies of this crop and buckwheat produced from it (in terms of the crop) in the current agricultural year. It amounted to 350 thousand tons, which is 88 thousand more than the record figure in the last agricultural year. At the ...
Source: Rosng
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