Exports of Russian agricultural products may exceed $45 billion by the end of this year
Based on the results of the first 9 months of this year, supplies of Russian agricultural products to foreign markets increased by 10.9% compared to the same period last year. Russia exported $32.3 billion worth of food abroad, reports the Federal State Budgetary Institution “Agroanalytics Center” of the Russian Ministry of Agriculture, citing data from the Federal Customs Service (FCS).
“According to the forecast of the Ministry of Agriculture, exports of agricultural products this year may exceed $45 billion compared to $41.6 billion last year,” the report says. It is noted that the estimate is very conservative. As Minister of Agriculture Dmitry Patrushev stated in early October, in monetary terms the volume of food supplies to foreign markets at the end of the year may exceed the specified amount.
According to the results of the first 3 quarters, food imports increased by 5.2% to $26.2 billion, the report says.
Algeria is called one of the promising areas for expanding Russian food supplies. Last year, this country doubled the volume of supplies of Russian agricultural products compared to 2021, purchasing them for $699 million in 2022. Russia is the fourth largest supplier of food to this country, the Agroexport Federal Center previously clarified. Algerian companies, in particular, have expressed interest in expanding the supply of Russian dairy products.
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