Russian Agricultural Export to Singapore May Rise to $100 Million by 2030

According to Dmitry Krasnov, Head of Agroexport at the Russian Federation’s Ministry of Agriculture, the potential for exporting agricultural goods from Russia to Singapore is $100 million by 2030.

“We anticipate that Russian agricultural exports to Singapore may increase to more than $100 million by 2030. First and foremost, it may be achieved by supplying fish and crustaceans, pig, poultry meat, chocolate confectionery, wheat confectionery, and so on “, he stated.

According to him, a large portion of the products on the list are not currently imported into Singapore from Russia. According to Agroexport documents, 2,700 tonnes of goods worth $4.3 million would be sent from Russia to Singapore in 2020. Singapore accounted for less than 0.1 percent of Russian agricultural product exports.

In terms of value, the primary commodity items in the structure of Russian agro-industrial complex exports to Singapore in 2020 were chocolate confectionery (30%), sunflower oil (22.9%), cigars and cigarettes (11.9%), coriander seeds (9.8%), and vodka (5 %).

According to experts, the 18.1 percent fall in Russian exports to Singapore in value terms was mostly due to a decrease in supply of cigars and cigarettes, chocolate confectionary, and tea.

At the same time, Russian exports of sunflower oil, coffee extracts and essences, and vodka to Singapore surged. Furthermore, coriander and flax seed deliveries have begun.

In January-June 2021, Russian agricultural product shipments to Singapore fell by 49.8 percent in value terms, or $1.5 million, compared to the same period the previous year. During this time, Russian exports of vodka fell, while exports of coffee extracts and essences, as well as goods derived from them, rose.