Lang
Russian Deputy Agriculture Minister Maxim Markovich said at the Oils and Fats Conference in Moscow on Thursday that Russia increased its exports of oils and fats products by 4% in monetary value in 2024 compared with 2023.
He added: "Despite the economic challenges facing Russian exports, exports of oils and fats products rose by 4% in 2024 compared with 2023 in value terms, while growing by more than 10% in actual volume."
He explained that the leading product in oils and fats exports is sunflower oil, which accounts for more than 60% of the total.
He said: "In 2024, sunflower oil exports increased by around 20% in monetary value and by more than 30% in weight. The oil was exported to more than 100 countries around the world." He added: "At present, about 40% of total sunflower oil exports go to India."
Other major buyers include China and Turkey.
Markovich noted that Russia accounts for around 7% of actual global supplies of oils and fats products. He said: "Russia currently ranks second globally in exports of sunflower oil and rapeseed (canola) oil, and third in soybean oil exports."
He affirmed that the Ministry of Agriculture sees it as its task to "actively work on diversifying the product range as well as expanding the geographic scope of exports."
He pointed out that the federal project for exporting agricultural products, which has been extended until 2030, will continue to provide the essential and most sought-after support for exporting companies, such as preferential loans and support for transport costs.
Expanding the number of agricultural attachés abroad will also help boost export activities in the future.
Source: Al Mal Forum