20 Dec 2022 18:39

Potential for Russian agricultural exports to Egypt estimated at over $3.3 bln rubles/year - Agroexport

MOSCOW. Dec 20 (Interfax) - The potential for Russian agricultural exports to Egypt is estimated at more than $3.3 billion per year, according to a review prepared by the Agriculture Ministry's Agroexport center.

Wheat, corn, sunflower and soybean oils, frozen fish, as well as vegetable oils, oil cake and meal, frozen beef, poultry meat, crustaceans and chocolate confectionery items have the highest export potential.

In 2021, Russia supplied $1.8 billion (5.9 million tonnes) worth of agricultural products to Egypt, which was 6.1% less than a year earlier. Overall, turnover in these products amounted to $2.3 billion (2.4% less). Egypt increased deliveries by 14.6%, to $481.2 million (750,500 tonnes).

Wheat represented the bulk of Russian exports to Egypt in value terms (84.6%). Sunflower oil accounted for 10.6%, soybean oil - 3.2%, and dried chickpeas - 0.3%. The decrease in exports was mainly due to a decrease in supplies of wheat, flax seeds and yeast. Exports of sunflower oil, dried chickpeas and lentils, sunflower cake and meal increased.

According to Irina Logacheva, head of the Bio-Ton agricultural corporation, cited by Agroexport, Russia supplied 3 million tonnes of wheat to Egypt in 5M of the current agricultural year (July-November), which is 13% more than in the same period last year. In total, Egypt acquires about 12 million tonnes of wheat annually, remaining the "number one" importer.

In turn, Egypt supplies mainly fresh and dried oranges (31% of exports in value terms), potatoes (22.6%), strawberries (8.3%), and grapes (8.3%) to Russia. As Agroexport explained, the increase in imports was mainly prompted by increased supplies of these products. At the same time, imports of lemons and limes, mandarin oranges and some types of vegetables decreased.