October 2, 2023 8:33 am

RT Business News: Russian grain exports reach all-time high, setting a new record

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Despite facing increasing Western sanctions, Russia has achieved a record-breaking export of grain to the global market in July, as reported by the Russian Grain Union (RGU). In total, Russia exported 5.68 million tons of grain crops, surpassing last year’s figure by 1.6 times. This included a record-breaking 4.54 million tons of wheat.

The major buyers of Russian wheat in July were Saudi Arabia, Türkiye, and Egypt, importing 578,000 tons, 518,000 tons, and 467,000 tons respectively. Other countries that received deliveries of Russian wheat included Israel, Bangladesh, Tanzania, and Sudan. Notably, Latin American countries such as Brazil and Peru also emerged as new buyers of Russian wheat. Brazil imported 62,000 tons of wheat, whereas Peru imported 49,000 tons. This marks a significant increase compared to last year when these countries did not purchase Russian wheat.

The report further revealed that Russian wheat was supplied to 33 countries in July, an increase from the 26 countries it was supplied to in the same month of the previous year.

Russia’s status as a net exporter of agricultural goods in 2022 remains intact. The country accounted for every fifth export batch of wheat worldwide. Additionally, Russia achieved a record harvest last year, with farmers gathering more than 150 million tons of grain, including over 100 million tons of wheat.

Despite Western sanctions, Russia continues to strengthen its grain exports to Africa. Russian President Vladimir Putin has emphasized the importance of expanding agricultural cooperation with African countries and has highlighted the increase in grain supplies to the African continent.

This success in grain exports is a significant achievement for Russia’s agricultural sector, demonstrating its resilience and ability to overcome challenges posed by Western sanctions. It also highlights the country’s position as a major player in the global grain market.

For more stories on the economy and finance, visit RT’s business section.

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Original Source: RT Business News: Russian grain exports reach all-time high, setting a new record

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