OREANDA-NEWS By the end of July 2024, the total supply of wheat and meslin (a mixture of wheat and rye) from Russia to China increased 5.5 times compared to the same period in 2023 and reached 35.9 thousand tons. A sharp increase in exports of key agricultural products of the Russian Federation is reported by RIA Novosti with reference to statistics from the Asian country.

During this time, the cost of wheat and meslin supplies from Russia to China increased to $ 9.4 million (an annual increase of 5.4 times). Compared with the June indicator, exports increased by 44.7 percent in physical terms and by 46.9 percent in monetary terms. Despite such dynamics, Russia's share in the structure of Chinese wheat imports remained insignificant. The Russian Federation accounted for a total of almost 4 percent of all deliveries of these agricultural products to the Asian country.

In general, in the first seven months of 2024, China imported wheat from Russia for a total amount of 48.2 million dollars. The result was 7.6 times more compared to the same period in 2023. For comparison, over the past year, domestic agricultural exporters sent $34.7 million worth of these products to the Asian country.

Earlier, SovEcon lowered its own forecast for wheat harvest in Russia in 2024 to 82.9 million tons. The previous estimate implied a figure of 84.7 million. Analysts attributed the revision of the forecast to lower data on acreage and expected yields in the country.