Trade turnover in agricultural goods between Russia and China in 2023 increases almost one-third to $11.1 bln

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Trade turnover in agricultural goods between Russia and China in 2023 increases almost one-third to $11.1 bln - Agroexport

MOSCOW. April 22 (Interfax) - Trade turnover in agricultural products between Russia and China increased 33.9% in 2023 to $11.1 billion, a review prepared by the Agroexport Center in conjunction with Monday's business mission of Russian companies exporting agricultural products to China said.

Russia exported 9.4 million tonnes agricultural products to China in 2023, a 2.3-fold increase versus the previous year. China had a 20.4% share of Russia's agricultural exports. Exports increased 44.1% to $8.8 billion in value terms.

Russian exports were 79% of the total trade turnover in agricultural products between Russia and China in 2023.

The main export products in value terms were frozen fish (18%), rapeseed oil (17%), crustaceans (13.9%), sunflower oil (10.5%) and soybeans (7.8%). "The 44.1% increase in Russian exports to China was mainly thanks to an increase in shipments of rapeseed oil (+80%) and sunflower oil (+2.7-fold). Meanwhile, exports of frozen fish decreased 11.2%," the review says.

Imports from China reached 1.2 million tonnes in 2023, up 21.1% from the previous year. Their value increased 5.8% to $2.3 billion.

Russia's imports from China consisted mainly of tobacco and its substitutes (17.4%), processed vegetables (5%), non-food extracts, natural resins (4.7%), and processed mushrooms (4%). A 5.8% increase in imports in value terms came primarily from an increase in shipments of tobacco and its substitutes (+26.7%), tangerines (+2.1-fold), and sugary confectionery products (+30.3%).

China imported agricultural products worth $223.8 billion in 2023 versus $224 billion in 2022, and exported $96.8 billion versus $95.8 billion, respectively, the review says.

The Russian exporters' business mission will last through April 24. The business program includes the Russia-China: Mutually Beneficial Cooperation in Trade in Agricultural Products Russian-Chinese forum, round tables, working meetings and field trips. In addition, more than 400 closed b2b meetings are planned between Russian and Chinese companies. An exposition of Russian food products has been organized over an area of 1,200 square meters, with 20 leading domestic companies presenting their products at their own stands, a press release from Agroexport said.