Russia ready to export 3.7 mln tns soybeans per year to China

MOSCOW, Sep 5 (PRIME) -- Russia may raise its exports of soybeans to China to 3.7 million tonnes per year until 2025 from 840,000 tonnes in 2018, the Agriculture Ministry said in a statement on Thursday.

“The Agriculture Ministry is doing steady work on improving access of Russian producers to foreign markets and on elimination of trade barriers to expand sales possibilities of the produce…Besides that, a plan for deepening cooperation with China in the sphere of soybeans was signed, which envisages raising its annual supplies to 3.7 million tonnes until 2025,” the statement read.

Soybeans and products of processing of soybeans became the second best agricultural product from the point of view of exports from Russia’s Far East, which doubled on the year to U.S. $242.8 million in 2018. Until 2024, exports of soybeans from the Far Eastern regions of Russia may reach about $600 million, the ministry said.

The ministry also said that creation a so-called Eastern Grain Gates – a multimodal transport corridor in the port of Zarubino for exports of grain to China will start soon. The terminal’s grain transshipment capacities will amount to up to 10 million tonnes.

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