EconomyInfoLine: Food exports from Russia can exceed imports

InfoLine: Food exports from Russia can exceed imports

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Grain harvest. Archive photo

InfoLine: Food exports from Russia surpass imports for the third year in a row

MOSCOW, August 11 – RIA Novosti. Following from InfoLine analytical materials, Russia can increase its food supply to foreign markets by 20-22% year-on-year in the first half of the year, the country may export more agricultural products than it buys abroad for the third year in a row agency (has RIA Novosti).

“InfoLine expects food exports from Russia to exceed imports for the third year in a row,” said Materials. According to the agency, this indicator grew by 20-22% in the first half of 2022 compared to the same period last year.

According to experts, food exports from the country have already exceeded imports in the past two years – in 2021 the positive trade balance was $ 2.8 billion, and in 2020 – one billion dollars.

In 2021, agricultural raw materials accounted for 59% of all exports of food products and raw materials for their production (15.8% higher than the previous year – $21 billion). Exported to 151 countries, 15% of the total volume fell to EU countries. The agency’s research showed that around 61% of suppliers saw an increase in export sales in 2021.

In 2022, about 46% of exporters reported their plans to increase supply: meanwhile, an increase in foreign shipments is planned, even in the context of state-implemented non-tariff regulatory measures, enforcement of sanctions and sanctions against sanctions. Materials say there is a foreign policy situation and a break in supply chains.

“However, against the background of the introduction of a ban on the supply of goods from the territory of the Russian Federation to EU countries and Ukraine, as well as the export of agricultural products from the territory of the Russian Federation to hostile countries , suppliers will have difficulties with exports,” said experts.

InfoLine believes that in 2022 the production of agricultural products in Russia will return to positive dynamics and expects the agricultural industry to grow in the range of 0.5% – 1.5% at comparable prices compared to 2021 – then, according to Rosstat, production decreased by 0.9%. An increase of 1.3% was recorded in 2020 and 4.3% in 2019. A decrease in agricultural production was observed in 2018 – then production decreased by 0.2% compared to 2017.

Source: Ria

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