20 Mar 2024 09:39

Potential for Russian agricultural exports to Pakistan put at $900 mln by 2030 - Agroexport

MOSCOW. March 20 (Interfax) - The potential for Russian agribusiness exports to Pakistan by 2030 is estimated at 2.8 million tonnes worth up to $900 million, the Agriculture Ministry's Agroexport Center said in a report.

The most promising exports are grains such as wheat and barley, grain legumes, millcake meal.

Russia exported about 1.2 million tonnes of agricultural products worth $423 million to Pakistan in 2022 (most recent available data). Wheat accounted for 73.7% of these exports by value, dried chickpeas made up 16.6%, peas 5.6% and sunflower oil 3.8%. Wheat exports surged 210% compared to 2021 and chickpea exports rose 14.5%, while pea exports fell by almost half.

Russia imported 76,000 tonnes of agricultural products worth $59.2 million from Pakistan in 2022. Mandarins and other citrus fruit made up 60.8% of these imports, potatoes accounted for 16.4%, tobacco raw materials 11.8% and rice 9%. Imports fell 29.8% by value, as mandarin imports (fresh and dried) plunged by 69.5% and potato imports fell 46%.

Pakistan imported a total of $9.36 billion worth of agricultural products in 2022, 0.5% less than in 2021, while its exports rose 12.6% to $6.2 billion, Agroexport reported.

Pakistan's imports are not very diversified, with palm oil, soybeans, wheat and tea making up about 70% of total food imports by value in 2022, the deputy head of foreign trade project support at Agroexport, Andrei Bushmelev said in the report. Pakistan exports primarily rice, ethyl alcohol, beef, corn and potatoes.

"Russia and Pakistan maintain long-term mutually beneficial cooperation in a whole range of areas, including trade and economic cooperation in the agriculture sector. At present, the most promising Russian commodities for export to Pakistan are grains, foremost wheat and barley, and grain legumes - chickpeas and peas. Imports of these products are one of the key elements of the country's food security," Bushmelev said.