Russia is the World’s Largest Exporter of Wheat

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…for the first time in its recent history. Good harvest and weakened ruble helped it get there.

Russian daily Vedomosti reports that Russia became the No.1 wheat exporter in the world. The information came from the U.S. Department of Agriculture, which estimated Russian wheat exports at 24.5 million tonnes in the January-June period. Russia is followed by Canada with 22.5 million tonnes and the U.S. with 21.09 million tonnes. According to the Russian Ministry of Agriculture, in the period from July 2015 to June 2016 Russian wheat exports increased by 12.3% to 33.04 million tonnes. Mr. Dmitriy Rylyko, Director of the Institute for Agricultural Market Studies, stated that Russia became the world’s largest exporter of wheat for the first time in its recent history. Only a year ago, Russia was in the third place.

The main cause of this achievement is the record harvest in southern regions (Krasnodar, Stavropol and Rostov regions), which contributed as much as 85% to total wheat exports. On top of that, Russian wheat became more attractive for international buyers because of the weakened ruble. It is currently exported to more than 130 countries, with Egypt, Turkey and Iran as the biggest buyers. The biggest Russian wheat exporters are “Rif” trading company, International cereal company (Glencore) and “Krasnodarzernoprodukt“.

Russia is expected to retain its position in the following year as well, primarily thanks to positive harvest forecasts. In 2016, Russia is expected to harvest 106 million tonnes of wheat.

 

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