Russian imports of seeds, amino acids, vitamins from China to grow

MOSCOW, September 21 (RIA Novosti) – Russian imports of seeds, amino acids and vitamins from China are expected to grow, taking into account the changing geopolitical situation, according to a study provided to RIA Novosti by the Russian Agricultural Bank.

According to the study, the geopolitical situation has an impact on the development opportunities in various spheres of Russian agriculture. After Russia started special operations in Ukraine, almost 300 foreign companies stopped cooperation with Russia, including in the field of agriculture.

The participants of the study believe that the proximity of Russia and China will support the growth of trade turnover between the two countries. According to the study, “China will take a larger share of Russian imports in the markets associated with the agro-industrial complex – the markets for seeds, amino acids, vitamins.”

According to information from the Ministry of Agriculture, Russian agriculture is about 63 percent self-sufficient in seeds, but is still import-dependent in some areas, such as sunflowers, which are more than 70 percent, and sugar beets and potatoes, which are more than 90 percent. Because of the shortage of amino acids for agriculture, the Russian government banned their import and zeroed out import duties from July 1 until the end of the year. According to the Ministry of Agriculture, under the conditions of shortage of feed vitamins, 2 Chinese companies were licensed to export to Russia this year, and the possibility of opening supplies to China and some other countries is being considered.

The study also noted that Russia-China agricultural trade is becoming more balanced and equivalent. September 1 Wang Kai, Director General of the Department of Eurasia, Ministry of Commerce of China, said at the China-Russia food and agricultural products online matchmaking meeting that the volume of China-Russia agricultural trade in 2021 was $5.99 billion, up 7.7% year-on-year, a record high. In the first half of this year, the trade volume of agricultural products between China and Russia was USD 3.57 billion, continuing the growth momentum.

The Russian Federal Service for Veterinary and Phytosanitary Supervision said in an Aug. 12 release that Russia and China are developing further action plans to expand Russian-Chinese trade in meat and fish products, animal feed, grain crops and their products, and other types of agricultural products.

Source: RIA Novosti

Post time: Sep-26-2022