Revealed Who is the Biggest Buyer of Russian Wheat

2023-07-13 11:16:43

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The North African country imported 11.9 million tons of Russian wheat during the stated period, or 22.5% of all Russian exports. Photo/Doc

MOSCOW – Egypt be the biggest buyer wheat Russia throughout the 2022-2023 period, according to data from the Russian Wheat Union (RGU) cited by Agrotrend. The North African country imported 11.9 million tonnes of Russian wheat during the stated period, or 22.5% of all exports. Russia .

Furthermore, Turkey is in second place as the largest importer with 10.2 million tonnes of wheat which is equivalent to 19.3% of Russia’s exports. The next rank was followed by Algeria (3.3 million tonnes), Iran (3.1 million tonnes) and Saudi Arabia (3.1 million tonnes).

Pakistan, Libya, Bangladesh, Israel and Sudan are also among the top 10 importers. Egypt tops the list after importing nearly 12 million tonnes of wheat from Russia since July 2022.

The head of the RGU analytical department, Elena Tyurina, said that Russia exported more than 53 million tons of wheat to foreign markets, almost one and a half times more than the previous year.

Exports in June soared to a record high of 4.2 million tons, although they traditionally fall at the end of the year. “They were uncharacteristically tall throughout the second half of the year,” Tyurina noted.

Experts attribute this trend to several factors, including high demand from longtime buyers of Russian wheat, an addition of buyers from countries that did not previously contract Russian grain, and a drop in prices due to the recent reduction in export duties.

“A number of traders also bought wheat in advance amid fears of a shortage of supply on the global market in 2023-2024,” continued Tyurina.

According to RGU calculations, Russia’s total grain exports last year totaled 61.8 million tonnes, a record high and a jump of almost 45% from the previous season. Russia also set a grain harvest record last year, with farmers amassing more than 150 million tons of grain, including more than 100 million tons of wheat.

(acres)