According to data from the Russian Grain Union (RGU), Egypt emerged as the largest buyer of Russian wheat during the 2022-2023 agricultural year. The North African country imported a staggering 11.9 million tons of Russian wheat, making up 22.5% of all Russian exports. This significant figure solidifies Egypt’s position as a crucial market for Russian grain.
Following closely behind Egypt, Türkiye secured its spot as the second-largest importer of Russian wheat, with imports totaling 10.2 million tons, accounting for 19.3% of Russian exports. Algeria, Iran, and Saudi Arabia also featured among the top importers, with 3.3 million tons, 3.1 million tons, and 3.1 million tons respectively. Other notable importers included Pakistan, Libya, Bangladesh, Israel, and Sudan.
Elena Tyurina, the head of the RGU’s analytical department, shed light on the export trend observed during the mentioned period. Russian traders managed to export a massive 53 million tons of wheat to foreign markets, a staggering increase of almost one and a half times compared to the previous year. Notably, exports in June reached record highs of 4.2 million tons, which is uncommon as they typically decline towards the end of the marketing year. Tyurina highlighted that the entire second half of the year experienced unusually high exports.
Several factors contributed to this remarkable trend. Firstly, there was a surging demand from traditional buyers of Russian wheat, in addition to new countries showing interest in contracting Russian grain. Furthermore, a reduction in export duty led to a decrease in prices, making Russian wheat more attractive to international buyers. To mitigate potential supply shortages in the 2023-2024 global market, many traders opted to buy wheat in advance, bolstering the export figures.
In terms of overall grain exports, Russia achieved record-breaking numbers last year. The total grain exports reached an impressive 61.8 million tons, marking a remarkable surge of nearly 45% compared to the previous season. The country’s record grain crop, which amounted to over 150 million tons, played a pivotal role in facilitating such immense exports. It is worth noting that more than 100 million tons of wheat were included in this impressive harvest.
These notable achievements in the grain export sector are a positive indicator for Russia’s agricultural industry. The country’s consistent delivery of high-quality wheat to its global partners solidifies its position as a leading player in the international grain market. As Russia continues to strengthen relationships with its traditional buyers and extends its reach to new markets, it is well-positioned to maintain and further enhance its dominance in the global wheat trade.
In conclusion, Egypt’s status as the largest buyer of Russian wheat during the 2022-2023 agricultural year showcases the country’s strong demand for Russian grain. With Türkiye, Algeria, Iran, and Saudi Arabia also featuring among the top importers, Russia’s wheat exports reached unprecedented levels. The surge in exports can be attributed to various factors, including high demand, new buyers entering the market, reduced prices, and advanced purchasing strategies. Overall, Russia’s record-breaking grain exports underscore its importance and expertise in the global agricultural industry.