August 11, 2010

Russia's H1 wheat exports show increase

During the first half of this year, Russian wheat exports to non-CIS countries increased 35%, with revenues up an even stronger 38% on-year thanks to higher prices, according to customs data.

Wheat exports to countries outside the Commonwealth of Independent States rose to 8.34 million tonnes in the first six months of this year from 6.16 million a year earlier. Revenues earned from these sales rose to US$1.42 billion.

Total wheat export volumes in January-June, including the CIS, rose 21% to 8.48 million tonnes. Revenues rose to US$1.45 billion from US$1.17 billion.

As for imports, Russian poultry purchases accounted for the most significant change.

January-June poultry imports declined 65% in volume terms to 124,900 tonnes. Their value fell 54% to US$183.1 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 the shipments have yet to restart.