July 8, 2010

Russia's wheat exports show increase

Russian wheat exports to non-CIS countries increased 30% in the first five months of this year, with revenues up an even stronger 36% on-year thanks to higher prices, according to customs data.

Wheat exports to countries outside the Commonwealth of Independent States rose to 7.09 million tonnes in the first five months of this year from 5.47 million a year earlier. Revenues earned from these sales rose to US$1.22 billion.

Total wheat export volumes in January-May, including the CIS, rose 15% to 7.21 million tonnes. Revenues rose to US$1.24 billion from US$1.04 billion.

As for imports, Russian poultry purchases accounted for the most significant change. January-May poultry imports declined 69% in volume terms to 95,300 tonnes. Their value fell 58% to US$140.1 million.

Russia is rapidly expanding poultry meat production in order to achieve its goal of reaching self-sufficiency within the next three years. It has also banned imports from the US and shipments have yet to restart.