Russian crustaceans exports to China increased by13.9%

In 2023, Russia increased exports of agricultural products to China by 34%

RUSSIAN FEDERATION
Friday, April 26, 2024, 06:50 (GMT + 9)

In 2023, the volume of trade between Russia and China in agricultural and food industry products increased by 33.9%, reaching $11.1 billion, according to a review by the Agroexport Center subordinate to the Ministry of Agriculture.

The research is related to the business mission of Russian exporting companies to China that began on Monday. Last year, 9.4 million tons of agricultural products were supplied from Russia to the republic, which is 2.3 times more than the year before. China's share in total exports of domestic agricultural products was 20.4%. By value, exports increased by 44.1% to $8.8 billion.

The main export products sent from Russia to China, in value terms, were frozen fish (18%), rapeseed oil (17%), crustaceans (13.9%), sunflower oil (10.5%) and soybeans (7. 8%). According to Agroexport, an increase in exports to China by 44.1% was mainly due to an increase in supplies of rapeseed and sunflower oil.

Photo: courtesy Russian Fishery

Imports of agricultural products from China to Russia in 2023 increased by 21.1%, reaching 1.2 million tons. Its value increased by 5.8% to $2.3 billion. Russia mainly imported tobacco and its substitutes from China (17 .4%), processed vegetables (5%), non-food extracts and natural gums (4.7%), and processed mushrooms (4%). An increase in imports by 5.8% in value is mainly due to an increase in supplies of tobacco and its substitutes (by 26.7%), tangerines (by 2.1 times) and sugary confectionery products (by 30.3%). According to Agroexport, in general, in 2023, China imported agricultural products worth $223.8 billion, compared to $224 billion in 2022, and exported $96.8 billion, compared to $95.8 billion, respectively.

According to Denis Ternovsky, a researcher at the Center for Agricultural Policy of the Institute of Economics and Public Administration of the Russian Presidential Academy of National Economy and Public Administration, the increase in supplies of Russian agricultural products is natural against the backdrop of a general increase in the export of agricultural goods and improved logistics capabilities in the eastern direction. If you do not take into account fish and seafood, the main products of Russian exports to China are oilseeds and their processed products. The expert expects further expansion of supplies of these products due to an increase in the Russian production base and demand from China. 

Expectations for export growth associated with the start of shipments of Russian pork in the medium term may be met with a possible reduction in the imported pork market in China, Ternovsky continues. With reference to the OECD-FAO forecast, he notes that in the next decade the import of these products into the republic is expected to decline by more than 60%. “That is, there is a risk that domestic producers will have to compete in a falling market. This also largely applies to grain imports to China - forecasts do not show any significant growth, so the increase in Russian supplies should be carried out by ousting competitors,” the expert said. 

The business mission of Russian exporters will last until April 24 and includes the Russian-Chinese forum “Russia-China: mutually beneficial cooperation in the field of trade in agricultural products,” round tables, working meetings and trips. It is also planned to hold more  than 500 closed b2b meetings between Russian and Chinese companies. On an area of ​​1.2 thousand square meters. meters, an exposition of Russian food products will be presented, where 20 leading domestic companies will demonstrate their products at their own stands.

Source: agroinvestor.ru 

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