Commercial conflict has choked American soy exports to the bean’s biggest market, China, providing Russian farmers an opportunity.
During the full year of 2018, the trade turnover between Russia and the countries of the European Union increased 9.7% year-on-year up to 253.1 bn euro.
The Department of Agriculture (DA) aims to tap the unexplored markets of Russia for possible export of coconut oil, banana and shrimps, Agriculture Secretary Emmanuel F. Piñol said on Friday.
While Sri Lanka’s share in the grape export pie is relatively small, Russia is a major export destination for Indian table grapes.
Inspired by higher coal prices, Russian companies increased both production and export last year in order to gain additional market shares in Europe and Asia. Oil and gas production also showed considerable growth last year, but in 2019 crude production can be lower than originally planned due to the adoption of new cuts.
Volume of non-resource shipments from Russia is going to set a new record by the end of the current year, hitting $147 billion, Andrey Slepnev, Chief Executive of the Russian Export Center said on Friday.