Russia’s wheat exports are estimated to be lower during current marketing year. The rapid growth in global wheat prices has resulted in an increase in the wheat export tax, which weighed on exports. The wheat output of the country is declining due to dry weather conditions in the Urals and Volga, with Urals possibly harvesting its smallest crop since 2012 and Volga since 2014.

As per the Russia Export Data, Russia is the largest exporter of wheat in the world. It holds the capacity to put over 8,400 million USD worth of wheat in the output for utilization by other countries.

However because of unprecedented conditions the production of wheat in Russia witnessed a great downfall. As per the export authorities the wheat exports will mostly face a decline by 9%.  According to the Russia Import Data the country is exporting up to 36 million metric tons as on year 2019.

The country has set its wheat exports to aim higher and worked to improve it up to 44 million metric tons. It has improvised its wheat exports up to 80 million metric tons in 2021. However, wheat exports is predicted an estimated downfall in the year 2022 because of lack of production.

As per Russia Custom data, the country exports wheat to China, Netherland, the USA, Germany, Italy, Turkey, Japan, Kazakhstan and Belarus. Main export partners of Russia for wheat are Turkey, Bangladesh and Egypt.

Turkey is the largest wheat importer as it mainly engages in manufacturing and exporting of finished products like biscuits, bread, tortillas and portion of pasta. The estimated 9% decline in wheat output for export purpose, it will have great impact on the country’s growth rate.

Russia is the 3rd fastest growing country in the world in the context of Gross domestic product or GDP. The cumulative wheat exports by the country stood at 11.1 million for 2021-22. Turkey has purchased approximately 2.8 metric tons of wheat and has remained the largest buyer, followed by Egypt and Saudi Arabia. Egypt purchased 1.5 million metric ton, while Saudi Arabia imported 600,000 mt of Russian wheat.

As per analysts the dry conditions in the major growing regions also reduce the prospects of wheat crop in the next marketing year.

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