In 1H 2021 Russian chocolate made its way into the top ten of the most exported products. Its exports rose by 23% year on year, climbing to USD 340 million in money terms. Exports of another sweet ultra-processed product – ice cream – went up 38%, reaching USD 47 million, RusAg reports.
Likewise on the rise are exports of other Russian-made products for sweet teeth, such as carbonated drinks (+48% to USD 153 million), sugar-based confectionery (+19% to USD 93 million), fruit juices (+20% to USD 25 million) and jam, jelly and marmalade (+12% to USD 21 million).
Top importers of Russian chocolate include Kazakhstan, Belarus, Uzbekistan, Azerbaijan and China; ice cream, USA and Kazakhstan; juice, Kazakhstan, Belarus and Ukraine; jam, jelly and marmalade, Kazakhstan and Belarus.
‘We can boost our foreign supplies by facilitating exports of ultra-processed products, pursuing special approaches to foreign markets and making use of the geographical proximity to consumers in China and the Middle East. And we think the best opportunities lie in chocolate and ice cream. On the one hand, Russia can become a top ten chocolate exporter; on the other, it can consolidate its position as an exporter of ice cream,’ said Dmitry Mushkov, First Deputy Director of Financial Markets Operations Support.
Agricultural exports in H1 2021 rose by 20% year on year to USD 15.5 billion1.
The strongest growth in exports in value terms was registered for sunflower oil, wheat and meslin (a mixture of wheat and rye). Year on year, exports of sunflower oil shot up by 51% (to USD 2.2 billion); of wheat and meslin – 13% (to USD 3.1 billion).
In addition to wheat, a staple item of national export, the top 10 agricultural goods exported by Russia globally now include crustaceans, corn, barley and soybeans. Exports of cattle meat rose 3.8 times (to USD 85 million); pork, 1.5 times (to USD 213 million); while malt exports rocketed 282% (to USD 82 million).
Top 10 export categories, 1H 2021, USD million
|
Positioning, 2021 |
Category |
USD million |
YoY, % |
|
1 |
Wheat and meslin |
3,130 |
13% |
|
2 |
Sunflower oil |
2,231 |
51% |
|
3 |
Frozen fish |
868 |
-26% |
|
4 |
Crustaceans |
867 |
65% |
|
5 |
Corn |
671 |
54% |
|
6 |
Seed cakes |
585 |
57% |
|
7 |
Barley |
552 |
43% |
|
8 |
Soybeans |
425 |
98% |
|
9 |
Rapeseed oil |
377 |
56% |
|
10 |
Chocolate |
340 |
23% |
The Volga Federal District was the one that demonstrated the fastest export growth rates (+34% YoY).
Sunflower oil was the key driver of agricultural exports growth both for the Volga Federal District and the country at large (+57% to USD 632 million). 1H 2021 growth figures for wheat and meslin were 74% (to USD 53 million); for margarine 52% (to USD 28 million).
Other regions that display the fastest exports growth rates include the Siberian (+31% on January – June last year), Northwestern and Southern Federal Districts (+25 and +23 per cent, respectively).
Robust growth in all agricultural export categories was shown by the Siberian District: in buckwheat from USD 1.5 to a staggering USD 19 million; in pork 4.5 times (+USD 10 million to USD 13 million); in flaxseeds and soybeans threefold (to USD 53 million and USD 38 million, respectively).
The Northwestern District recorded very strong growth in the exports of pork (+322% to USD 30 million) and crustaceans (+194% to USD 191 million).
The Southern District increased exports of rapeseed oil (+194% to USD 76 million) and corn (+119% to USD 348 million).
In total, seven out of eight federal districts delivered growth in agricultural exports.
‘In financing foreign trade activities RusAg uses a wide range of trade finance products that covers all lines of its clients’ business. We finance seasonal works, purchases of equipment, young livestock animals and investment projects of different scale for export-driven agribusinesses. For documentary operations, we offer wide-ranging opportunities for customized structuring of complex international transactions. We use all types of letters of credit, including with post-financing and discounting, as well as transferable and standby letters of credit, guarantees, counter-guarantees and collection,‘ added Dmitry Mushkov.
RusAg exposures to foreign banks are available to clients who want to mitigate their commercial risks in export transactions. Payments are made against the clock, given that RusAg has more than 400 partner banks in 61 countries, more than 50 correspondent accounts in 17 most commonly used currencies and RSHB-Dealing 2.0, a trading system for forex and financial market transactions.
In 1H 2021 RusAg provided exporters with RUB 258.5 billion in finance (+46.6% YoY), increasing their number by 58 this year to 1,400 entities / groups of companies.
1 Net of imports shown in Form 8-VES-(Fish)