Russia exported agricultural products worth approximately $43.5 bln in 2023 "before adjustments" - Agriculture Ministry

MOSCOW. Feb 20 (Interfax) - Russia exported $43.5 billion worth of agricultural products in 2023, First Deputy Minister of Agriculture Oksana Lut said at the grain forum in Dubai on Tuesday.

"Exports last year totaled $43.5 billion, even a little more; there will be additional adjustments. One of our main export positions is grain. We supplied 66 million tonnes to our partners last year, including 51 million tonnes of wheat," she said, noting that Russia retained first place in the world in wheat exports.

This year the potential for supplying grain to foreign markets is estimated at 70 million tonnes, she said. "Our plans are clear; we proceed from internal needs and the needs of our partners. The possible supply potential for grain products to foreign markets is about 70 million tonnes. We see numbers like this this year. And grain legume product potential is 4 million tonnes," she said. "Of course, we will look at what countries need and, based on this, adjust our production plans."

Lut clarified that Russia's main partners are the countries of the EAEU, North Africa, the Middle East, and Southeast Asia. "In fact, now these are our key partners, the countries with whom we are building relations," she said.

The Federal Customs Service estimates that agricultural product exports from Russia in 2022 totaled $41.3 billion.

As for the price situation on the market, Lut said, "in any market, including grain, the internal cost of production is growing. Over the past two years, the cost of logistics, namely internal logistics, has increased significantly. External logistics are quite volatile, always affecting the final price. Therefore, based on these factors, it is necessary to consider all of this when calculating the final cost of grain," she said.

"Nevertheless, we believe that Russian grain products are quite affordable in terms of price/quality ratio, and Russia will continue to support this position," Lut said.

Moreover, she said, the Ministry of Agriculture is now discussing the possibility of providing guarantees for key partners to supply the necessary volumes of grain that countries need to maintain food security. "In principle, the issue of price is a matter of agreement, which is possible within the framework of our discussions. However, we believe that the main thing here is guarantees. Our country can provide these guarantees, and here we urge partners and colleagues to follow this path," Lut said.

She also said that the main risks in foreign trade currently are with settlements. "We constantly have situations, since the share of settlements in national currency pairs is low, up to 10% for our grain products," she said.

Lut said that Russia's 2023 grain harvest totaled 147 million tonnes, including 96 million tonnes of wheat.