Russia’s Agricultural Exports Decline by 6.4% to $17.7 Billion Over Five Months

Based on data from the Federal Customs Service (FCS) of Russia, the country’s exports of food products and agricultural raw materials – textiles excluded – saw a 6.4% decrease to $17.7 billion from January to May 2024, compared to the same period last year.

Russia’s import of agricultural products over a five-month span saw a decline of 6.2%, totaling $14.7 billion. Meanwhile, the country experienced a significant uptick in the export of raw leather, furs, and fur-related products, with an increase of 44.7% to $ 0.1 billion, while purchases dropped by 20% to $0.4 billion.

Over the course of five months, Russia’s overall exports of goods totaled $172.1 billion, marking a slight decrease of 0.6% compared to the previous year. Imports registered at $107.8 billion, down by 8.5%. The bulk of the exports consisted of mineral products, which saw a 2% increase to $107.7 billion. Meanwhile, imports were primarily composed of chemical industry products and rubber, totaling $20.7 billion, a decline of 16.5%.

By the end of 2023, exports of agricultural products reached record levels, climbing to $43.5 billion in current prices and surpassing the 2022 figure by $1.6 billion, according to Agriculture Minister Oksana Luth. Work is currently underway to extend the federal project ‘Export of Agricultural Products’ until 2030.