Published On : 01-Sep-2021
Russia is the largest wheat exporter in the world. It holds the capacity to put over 8,400 Million USD worth of wheat in the output for utilization by other countries in need. As of 2021, China is the largest producer of wheat, with 134,250 thousand tonnes currently setting the record. Yet, it gives out only 3.5K Million USD due to its high domestic demand.
However, due to the unbearable climatic change in the top wheat producers like Russia, China, Canada, and the USA, the production of wheat in 2020 had encountered a great downfall. Since the condition is not under control, Russia’s exports authorities have disclosed that its wheat exports will most expectedly face a decline by 9%. Russia Export Data Analysis reveals that wheat exports remain at its priority no. 6. The country is largely involved in exports of Crude petroleum, Coal, Gas, and unspecified commodities.
In comparison, Russia’s production power of Corn and Barley has been boosted by 6% to 8%. For your reference, the following are a few pointers you must note as a mainstream exporter or importer of Russia. Let’s take a glance:
According to the latest Russia Trade Data of Wheat with Cybex.in, the country is engaged in exporting up to 36 Million Metric tons as of 2018-19. In the same year, Russia set its wheat exports to aim higher and pronounced to improve its wheat exports up to 44 million metric tons. Without a doubt, the country improvised its wheat export up to 80 Million Metric Tons in 2021. However, in the upcoming year, it will not be able to touch the “80 million mt” value again due to lack of production.
As of 2021 Russia Export Data, Russia’s top 10 export partners are China, Netherland, the USA, Germany, Italy, Turkey, South Korea, Japan, Kazakhstan, and Belarus. In comparison, Russia mainly exports wheat to Turkey, Bangladesh, and Egypt.
Turkey is the largest wheat importer as it mainly engages in the manufacturing and exports of finished products like bread, biscuits, tortillas, and portions of pasta.
With a 9% estimated decline in Russia’s wheat output for export purposes, it will most probably impact Russia’s Growth rate. According to the statistics, Russia is the 3rd fastest growing country in the world in the context of Gross Domestic Product or GDP.
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