Russian farms perform well but face challenges
Thursday, May 4, 2017
Significance
State-supported substitution of banned Western foodstuffs has boosted agriculture, which in 2016 enjoyed its most successful year in the post-Soviet period. Both the wheat harvest and meat production posted record highs.
Impacts
- Food will be a key export item, as it already exceeds the value of arms sales.
- Wheat export revenues may decline owing to the strengthening ruble.
- The food substitution policy will prolong Russian import barriers.
- Agricultural exports to China are rising and will include soya as well as wheat, other cereals and vegetable oil.
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