Russia cuts agricultural exports 14%, boosts imports 12.5% in Q1 - FCS

MOSCOW. May 13 (Interfax) - Russia exported food products and agricultural raw materials excluding textiles worth $9 billion in January-March 2025, down 14% compared to the same period last year ($10.4 billion), according to materials of the Federal Customs Service (FCS) published on the agency's website.

Imports of these products increased 12.5% to $9.5 billion, compared to $8.4 billion a year earlier.

The pace of export decline and import growth accelerated significantly. In January-February, exports decreased 4.6% while imports increased 6.6%, as previously reported.

According to FCS data, Russia exported food products and agricultural raw materials (excluding textiles) worth $42.6 billion in 2024, down 1.1% compared to the previous year ($43.1 billion). At the same time, imports of agricultural products increased 7%, to $37.7 billion from $35.2 billion the year before. Exports increased 4.3% YoY in 2023, to $43.1 billion from $41.3 billion. At the same time, imports fell 1.7% from $35.8 billion to $35.1 billion.

The main export products of Russia's agricultural sector are grains and legumes, fat-and-oil products, fish and seafood.

According to the target set by the Russian president to increase agricultural exports 1.5-fold by 2030 compared to 2021, exports should reach $55.2 billion by 2030.