Russia has reported a 4% increase in the exports of oil and fat products for 2024, according to Deputy Agriculture Minister Maxim Markovich. This announcement was made during the Oil and Fat Conference held in Moscow. Markovich stated that despite the various economic challenges faced by Russian exports, the growth is notable both in monetary terms and physical quantities.
Specifically, exports in physical terms grew by over 10% compared to 2023. Sunflower oil stands out as the dominant product within this category, comprising more than 60% of total oil and fat exports. In 2024, the monetary value of sunflower oil exports surged by approximately 20%, and physical exports increased by more than 30%.
The oil has been successfully shipped to over 100 countries, with around 40% of this volume going to India, while other significant buyers include China and Turkey. Markovich highlighted that Russia contributes about 7% to the global supply of physical oil and fat products. The country ranks as the second largest exporter of sunflower and rapeseed oils and is third in supplying soybean oil.
Looking ahead, the Agriculture Ministry aims to diversify both the product offerings and the geographical reach of exports. A federal initiative for boosting agricultural product exports, which has been extended until 2030, will continue to provide essential support for exporting companies. This includes preferential loans and subsidies for transportation.
Additionally, the expansion of agricultural attaches stationed abroad will further promote export activities and facilitate growth in this sector.