April 20, 2021

Russian agricultural exports surge as trade with China grows

In 2021, exports of agricultural products from Russia reportedly totaled more than $4.1 billion as of February 28, marking a rise of 35.8 percent compared to the same period a year ago.

Exports of grains within the specified period more than doubled as Russian farmers exported over $1.8 billion worth, while sales in the fat-and-oil sector rose 6.3 percent to $687 million. Exports of meat and dairy products grew by 33.7 percent to $135 million.

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At the same time, exports of fish and seafood saw a drop of 25.7 percent and totaled $448 million, while foreign sales of food and pharmaceutical industry products amounted to $346 million, a decline of 5.7 percent.

China remained the major consumer of Russian agricultural products, with the share of Russian exports totaling 18.9 percent. In 2021, China increased imports of Russian agriculture by 27.3 percent to $741 million.

Turkey, the second biggest buyer, raised its purchases by 40.8 percent to $628 million. Egypt, ranked third, bought $448 million worth, half as much as the nation exported in the same period a year ago.

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The European Union, South Korea, Azerbaijan, Ukraine, Pakistan, Uzbekistan, and Mongolia also entered the top 10 of the largest buyers of Russian agricultural goods.

According to the agency’s estimates, foreign sales in the sector totaled $30.658 billion in 2020, a significant rise compared to $25.6 billion in the previous year.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/517094-russia-agriculture-exports-surge/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

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