September 18, 2018

Russian food exports to double by 2025 thanks to international sanctions

“The policy of import substitution has proved its worth in a number of sectors. Talking about agricultural produce, we can say we are self-sufficient. We expect that export potential may double by 2025,” said Yevgeny Akhlashev, director of the ministry’s food and processing industry department, which expects exports to reach $40 billion.

Russia becoming world’s bread basket with wheat exports feeding half the planet

He noted that, over the past three years, Russia has dramatically reduced imports of sugar (by 73 percent), meat (by 36 percent), and cheese products (by 29 percent), while domestic production in these sectors increased considerably.

Statistics show that Russia’s export potential in the agriculture sector has surged 15-fold in the past decade. As a result, exports of sugar have risen 17-fold in the past two years. Vegetable-oil exports have increased by 40 percent.

Food exports, dominated by wheat and fish, soared to a record $19 billion last year, according to the Russian Export Center.

This month, during his speech to the Russian Federal Assembly, President Vladimir Putin said exports of food to international markets should exceed imports within the next four years. The president urged an increase in exportation of meat, and the degree of self-sufficiency in beef, dairy products and vegetables. 

Russia is currently enjoying record grain production, which has beaten last year’s bumper crop and the record harvest set by the USSR in 1978. The country has harvested around 135.393 million tons of grain, including 85.9 million tons of wheat, during the current growing season. Exports are reportedly set to beat another record this season.

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

Article source: https://www.rt.com/business/421036-russian-agriculture-potential-double/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Speak Your Mind