Russia’s wheat exports saw rapid growth in March

 Last year, Russia was the fifth biggest wheat exporter across the world. According to Russia import export data, over $5.5 billion worth of wheat was exported from Russia. Similar trend follows this year. Russia has received record wheat production during last year. Despite sanctions imposed by several countries like the United States, Canada and the European Union.

The forecast this year shows that Russian wheat exports could hit a record 52.9 mmt during the 2023-2024 marketing year.  In future, it might cross 86 mmt tonnes. The biggest market for Russia’s wheat exports were Turkey and Egypt where almost 56% of the overall Russia’s wheat export shipments were made. Among the emerging markets for Russian wheat exports were Bangladesh, Madagascar, Azerbaijan and Sudan. 

Aston JSC, RIF Trading House and Artis Agro were the top wheat export companies from Russia responsible for the maximum number of shipments last year. Whereas, among the leading wheat import companies were Vivalon from Turkey, Grainstar AST from Egypt and Karat Holding from Azerbaijan. 

Russia has exported around 4.25 million tonnes of wheat export shipments during february. Experts suggest that by the end of March 2024, Russian wheat exports could reach 4.74 million tonnes. Although, Russian wheat exports could be bigger if there are no sanctions from Europe which was the biggest market for Russian wheat exports.

On the other hand, Russia's wheat imports were merely $35 million during fiscal year 2023. Russia import data shows that the country's majority of the wheat imports came from Kazakhstan with 72% market share followed by United Arab Emirates (20%) and Turkey (4.5%). KWS Lochow from Germany, Saatbau Linz from Czechia and Santacroc from Italy were other major grains supplying companies to Russia.

Apart from wheat, sunflower oil was the second most exported grain item from Russia. Russia is currently the second leading market for sunflower seed oils after Ukraine in 2023. Russia export data shows that over 2.6 billion dollars worth of sunflower seed oil exports were made last year by Russia. Turkey was the leading market for Russian sunflower oil exports with 40% market share. Along with Turkey, India, China, Egypt and Kazakhstan were other significant importers of Russia's sunflower oils. 

Last year, Russia exported around 48 million tonnes of sunflower oils in the fiscal year 2023. Rapeseed oils were other notable exports from Russia. Russia was the second leading exporter of rapeseed oils responsible for $1.6 billion worth in 2023. China was the biggest importer of rapeseed oils from Russia with over 65% along with Norway (17%), Latvia (5%) and Lithuania (4.5%).

Russia is facing a hard time amid ongoing war with Ukraine and sanctions from the west & Europe. Through global import export data providers trade intelligence reports, Russian companies could assess the opportunities to export cereals across various countries, set competitive prices, calculate import/export duty, minimize risk, find potential buyers along with their contacts and market niche.

The global market reports helps companies to increase their clientbase across the international market by spending a minimal amount. Also, it provides industry wise insights, highlights market risks, and helps make beneficial business decisions such product pricing, quantity evaluation and improvising product quality. Russian companies could adapt to data driven marketing approaches to enhance their revenue.