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China is the largest import market of Russian agricultural products

Russian agricultural export sets new record

The 2020 agricultural export report of the Russian Ministry of Agriculture shows that Russia exported a record volume of agricultural products despite the Covid-19 pandemic. The export volume reached a total of 79 million tons in 2020. The export value was 30.7 billion USD, which is 5 billion USD more than in 2019. This is the first time Russia emerged as a competitive agricultural export country since the abolition of the Soviet Union. Russia mainly exports agricultural products to China, Turkey, and Kazakhstan. China is the largest importer of Russian fruit and vegetables. China imported a total of 4.8 million tons of agricultural products worth 4.02 billion USD, which is around 13% of the Russian export volume.

A spokesperson for the Analytical Credit Rating Agency (ACRA) spoke about the sustainable development risk assessment for Russia. The growing trade between Russia and China is vital. According to an analyst of the FINAM Group, the Sino-US trade war encouraged Russian agricultural export to the Chinese market. The potential of this trade is estimated at several ten billion USD. WMT Consultancy predicts that Russian export of cereal grains will grow by 10%-15% in 2021, but others warn that the falling price of cereal grains will limit the increase in value of Russian cereal grain export.

Data from the Chinese Ministry of Commerce shows that the mutual trade value between China and Russia reached 107.77 billion USD in 2020. The Sino-Russian trade value broke the 100 billion USD line three years in a row. China has been the largest trade partner for Russia for 10 years in a row.

Source: Global Times


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