Russia’s exports of agricultural products are likely to grow to USD20 billion in value terms by the end of 2017, according to the Minister of Agriculture Alexander Tkachyov. On September 28, 2017, the Russian official said that impressive growth was registered not only for grain, but also for meat, vegetable oil, and sugar.

“We come to important frontiers and we occupy a large share in agricultural production exports around the world,” Minister Tkachyov has said. Exports of grain in the 2017/2018 season have been forecast at about 43 to 45 million tons.

Last year, exports of agricultural products stood at USD17 billion. Export are likely to increase by 18 percent in volume terms in the current year. The growth rate reported in 2016 over 2015 figures was only five percent.

In September, analysts estimated that Russia’s grain yield this year will be 133 million tons, a figure that is 5.4 million tons more than that previously expected. Industry experts believe that the country’s absolute record reached in 1978 of 127.4 million tons could possibly be surpassed. Wheat harvest in 2017 is expected to stand at the level of 81.1 million tons, and barley harvest at 20 million tons.

According to a forecast put out by the Russian Institute of the Agrarian Market, Russian wheat exports in the following agricultural year from July 2018 to June 2019 will reach 28 million tons, which would be a record number. Russia is exporting wheat to Egypt, China, Venezuela, Iran, and Saudi Arabia. Laos, Mexico, and Columbia have shown interest in buying grain from Russia.