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26 Jan, 2024 05:39

Russia’s earnings from food exports hit record high – minister

The country’s revenues from the sector exceeded $45 billion in 2023, preliminary data shows
Russia’s earnings from food exports hit record high – minister

Russia raked in record earnings from agricultural exports last year, Agriculture Minister Dmitry Patrushev has announced, citing preliminary estimates.

Speaking at a ministerial meeting on Wednesday, Patrushev said that cross-border sales of agricultural goods brought Moscow more than $45 billion in 2023. He noted that the figure is likely to rise once final calculations are made.

“The production indicators have allowed Russia to reaffirm its status as a net exporter of agricultural products,” the ministry’s press service cited Patrushev as saying.

The minister noted that Russia’s grain harvest amounted to 147 million tons last year, just short of the 157 million record reached in 2022. Milk production increased by 500,000 tons, and meat production surged by 300,000 tons. Fish production was the highest in 30 years, at 5.3 million tons. Output of salmon was particularly high at over 600,000 tons, making Russia the world's top salmon producer, according to the minister.

The Agriculture Ministry earlier estimated that Russia’s grain for export this growing season totaled 60 million tons. The country has been the world’s largest exporter of grain in recent years thanks to bumper harvests and attractive pricing, despite Western sanctions that have hampered the country’s foreign trade. Russia has also been supplying free grain to a number of African countries that are facing food insecurity.

The ministry has not yet published data on the geographical breakdown of Russia’s agricultural exports in 2023. In 2022, the top destinations were China, Türkiye, the EU, Kazakhstan, Belarus, South Korea, and Egypt.

For more stories on economy & finance visit RT's business section

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