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Economics Gazette

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October 22, 2019

Russia increase market share in wheat export

Russian wheat exportExports of food production from Russia is growing tremendously last year. Food supplies from the country increased by 25% last year to 19 billion USD, which is the highest growth since 2012. The record quantity is mainly due to exports of wheat and frozen fish, but the exports of sugar also mark significant increase.

The leading wheat exporter in the world has increased its market share in recent years thanks to the abundant harvest at attractive prices. The exports are expected to reach a new record this season.

About half of the world’s countries buy wheat from Russia, which is trying to reduce its dependence on agricultural goods after banning the purchase of Western food in response to sanctions against it.

Higher prices of wheat have helped Russia make more profits from food sales last year. Russia has exported wheat mainly to Egypt to help feed the 95 million people in the country. Last year, the North African country replaced China and became the largest buyer of Russian food for the first time since 2012.

The value of imported Russian food in Egypt, such as wheat and sunflower oil, grew by 44% to 1.74 billion USD last year, according to data from the export center. The imports of Russian food in China, such as fish and oilseeds, amounted to 1.72 billion USD.

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