Russian grain exports hit historic high

Russian grain exports hit historic high

According to business daily Vedomosti, citing the head of the Rusagrotrans analytical center, Igor Pavensky, it is also the highest indicator in the history of the market. He pointed out that the previous record had been set in the 2018-2019 crop year, when Russia had delivered 32.15 million tons of grain to the global market by January.

Pavensky said that exports of wheat have amounted to 29 million tons this current year, also a record amount. His words were echoed by the director general of the Institute for Agricultural Market Studies, Dmitry Rylko, who said that wheat exports in January alone have totaled a record 3.2 million tons. Rylko attributed the dynamic to several factors, such as high yield, global grain prices growth, and the introduction by Russia of export duties on grain from February 15.

Booming agricultural production in recent years has enabled Russia to capture more than half of the global wheat market, becoming the world’s biggest exporter of grain, thanks to bumper harvests and attractive pricing. Since the early 2000s, this share of the global wheat market has quadrupled. Supported by a massive grain harvest, the country is projected to retain its leadership in the world’s wheat market in the coming years.

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

Source: www.rt.com

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