Agribusiness is one of the most important sectors of economy, it employs over one-third of the world's population. Agribusiness development is a necessary trigger for a broader, sustainable economic development for most countries as it stimulates self-sustaining growth in two principal ways - through rising productivity it increases the incomes of farmers, and it releases labor from subsistence farming that can be employed in manufacturing or service activities.
Russia has more than 200,000 farm holdings and small agricultural businesses, which account for up to 50% of Russia’s agricultural production.
2018-2019 Agribusiness development
Agricultural production in 2019 amounted to RUB 5,908 billion, agricultural production index – 104.0%.
The grain yield for 2019 amounted to 121.2 mln tonnes (up by 7% from 2018).
In 2019, the production of soybeans reached a record 4.4 mln tonnes (up by 8.3% from 2018), sunflower seeds – 15.4 mln tonnes (up 20.6%), sugar beet – 54.4 mln tonnes (up by 29.2%).
For the season 2018/2019 (from July 2018 to June 2019) exports of grain reached 44.4 million.
In 2019, exports of agricultural goods from Russia reached USD 25.5 billion, which is a 1.2% growth as compared to 2018. In 2020, exports are forecasted at USD 25 billion.
In 2019, all categories of enterprises produced 15.2 million tons of livestock and poultry (in live weight) (up by 1.9% from 2018), 31.3 million tons of milk (up by 2.4% as compared to 2018).
In 2019, the share of agribusiness, forestry and fishery accounted for 5.2% of Russian GDP.
Source: Government of Russia; Ministry of Agriculture of Russia; the Bank information.
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