Volga Baikal AGRO NEWS Update on the Russian – Chinese Relations !!!

According to the Federal Customs Service, in January – March 2021, Russia exported 1.8 million tons of food to China, the Agroexport federal center under the Ministry of Agriculture said. China ranks second in terms of imports of our agricultural products. In the first place is Turkey.

The structure of exports has changed significantly. Thus, the supply of soybeans increased 4.4 times (up to more than 1 million tons). In value terms, they accounted for a third of all supplies to China ($ 357 million), according to Agroexport. At the same time, almost all of the volume was exported in January. On February 1, an export duty of 30% was introduced for soybeans. And exporters used the mechanism of preliminary declaration, having declared a large amount at once, says Mikhail Maltsev, executive director of the Fat and Oil Union of Russia. Now the supply of soybeans to China has practically been reduced to zero. The export of sunflower oil decreased by 11% (to 168 thousand tons) in physical terms.

But due to high world prices, exporters were able to earn almost one and a half times more (+ 46%, $ 190 million) than in the same period last year. Oil accounts for 17% of total exports. According to Maltsev’s forecasts, this year the supply of vegetable oils will increase in monetary terms. Although from October this year, a floating export duty will also be imposed on sunflower oil.

Source: Rossiyskaya Gazeta