Russian flour exports soar — RT Business News
Russian wheat flour exports have tripled in 2022, the country’s agricultural watchdog, Rosselkhoznadzor, said in a statement on Thursday.
According to the statement, the export volume of wheat flour reached 722,000 tons this year, up from 259,000 tons in 2021. Overall exports of processed grain products reached 1.3 million tons, 69 percent higher than the ‘last year. Sales of Russian oats also jumped 37% to 163,000 tonnes.
The export volume of grains and grain products increased by 3% compared to last year. According to Rosselkhoznadzor, Russia supplied these products to 126 countries in 2022, with the majority of shipments going to the Middle East, Africa and Asia. The agency also noted that Russian shipments to neighboring countries of the Eurasian Economic Union (EAEU) have increased 1.6 times since the start of the year.
Analysts expect Russia to record a record grain harvest this year and predict that the volume of agricultural exports will also break records. According to the Institute for Agricultural Market Studies, IKAR, Russia will export 53.5 million tonnes of grain in 2022, including 44 million tonnes of wheat. Alexander Korbut, vice president of the Russian Grain Union, told Forbes Russia that despite the slowdown in grain exports earlier this year, which occurred as exporters tried to adjust to Western sanctions against Russia, shipments have now regained momentum.
“Our exporters have adapted to this situation [and] we are approaching an export record… Foreign companies have begun to realize that US and European regulators are not going to hit them on the head, accuse them of being enemies of the world and force them to pay fines for violation of sanctions. This understanding is already forming, although I would have liked it to be clearer and more precise, » he stated.
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Although the sanctions do not directly target Russian food exports, certain restrictions on shipping, insurance, financing and payments still pose problems for Russian exporters. Moscow has repeatedly urged Western governments to lift all sanctions affecting grain and fertilizer shipments from Russia.
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