Trade turnover of agricultural products between Russia, Sri Lanka grows 2.4-fold to $343.7 mln in 2024 - Agroexport

MOSCOW.April 25 (Interfax) - Trade turnover of agricultural products between Russia and Sri Lanka grew 2.4-fold to $343.7 million in 2024, the Agroexport federal center said.

Growth rates accelerated significantly. The increase was 6.4% in 2023, reaching $142.6 million. Deliveries from Russia rose 2.1-fold to $13.4 million in 2023 while exports from Sri Lanka grew 1.2% to $129.2 million. Russia primarily exported coriander seeds (51.9%), peas (31.5%) and sunflower oil (10.9%) to Sri Lanka. Coriander exports rose 2.5-fold and peas grew 2.1-fold. However, Russian flour shipments declined.

In 2024, according to ITC Trade Map, Russian exports surged 14.9-fold to $199.2 million due to the resumption of wheat supplies.

Sri Lanka mainly exports tea to Russia, which accounted for nearly 94% of its exports in 2023. The top three exported products also included frozen fish (1.6%) and coconut oil (0.8%).

Experts estimate Russia's annual agricultural export potential to Sri Lanka at $200 million. The prospects are primarily tied to wheat deliveries. There are also opportunities for exporting confectionery products (mainly chocolate and baked goods), wheat or wheat-rye flour, and milk and cream.

Sri Lanka exported agricultural products totaling $3.1 billion in 2023, up 1.8% compared to 2022. Imports amounted to $2.5 billion, up 5.2%. The country mainly imported sugar (16.7% of total import value), wheat (10.9%), powdered milk (10.3%), dried lentils (5.8%), and soybean cake and meal (5.2%).