30 Nov 2022 19:16

Russia boosts exports of agricultural goods to Asia 14% in 10M - Agroexport

MOSCOW. Nov 30 (Interfax) - Russia boosted deliveries of agricultural products to Asian countries (calculations include East, Southeast and South Asia) by 14% in value terms, the Agriculture Ministry's Agroexport center said in a statement.

"Domestic business significantly ramped up sales of fish and seafood, sunflower and rapeseed oil, poultry and other products," the center said.

A key partner is China. In 10M 2022, deliveries of agricultural and food products to this market rose 34% year-on-year This growth is largely due to sales of rapeseed oil, which grew 2.2-fold and became the leading category in Russian deliveries to the Chinese market. Frozen fish came in second, with exports increasing 1.8-fold.

According to industry experts cited by Agroexport, fish exports rose due to the recovery of direct exports to China after lifting of restrictions related to Covid-19.

Exports of agricultural products to India rose 2.5-fold in 10M. Growth was driven by the oil and fat industry: more than 300,000 tonnes of sunflower oil and almost 50,000 tonnes of soybean oil were supplied.

Afghanistan is among the countries that have increased their purchases of Russian food products exponentially. In January-October, deliveries there rose 2.9-fold. This included a 9.7-fold increase in the export of wheat and wheat and rye flour and an 121-fold increase in deliveries of margarine. Overall, in January-October, exports of Russian oil and fats to Afghanistan doubled in annual terms.

According to the Asia Food Challenge Report, cited by the center, Asian consumers' spending on food is projected to double between 2020 and 2030, potentially exceeding $8 trillion by the start of the next decade. "Population growth, rising incomes, Europeanization of consumption and urbanization in Asian countries are all contributing factors to increased demand for Russia's food exports and will provide potential in the long term," Agroexport said.