IKAR in Mass and Industry Media

China reduces imports of agricultural products from Russia to $7.3 bln in 2024 - IKAR estimate

Interfax

MOSCOW. Feb 14 (Interfax) - China reduced imports of agricultural products from Russia in 2024, Institute for Agricultural Market Studies (IKAR) CEO Dmitry Rylko said at the Where the Margin is 2025 conference, citing China's statistics and estimates from the institute's analysts.

"China has become the largest importer of food from the Russian Federation. However, it has been seriously reducing import turnover recently owing to a number of factors. This concerns not only the Russian Federation, but also the entire global market. Imports are decreasing from almost all countries," Rylko said, adding that China "remains among our major importers."

Rylko said that supplies of Russian agricultural products to China in 2024 are estimated at $7.3 billion compared to $8.7 billion in 2023, down 16% year-on-year.

The largest shares in supplies are fish and crustaceans and vegetable oil, he said in his presentation.

The largest suppliers of agricultural products to China are Brazil, which mainly exports soybeans there, as well as the United States and the European Union.

"Our potential is great, and there are very serious prospects for growth," Rylko said.

14.02.25

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