Russia sells more wheat than any other country in the world. At the same time, its domestic grain consumption is growing, too. So how did Russia manage to achieve this breakthrough in wheat exports?
In 2020, Russia will retain its title of the world’s largest wheat exporter, according to data from the U.S. Department of Agriculture’s Foreign Agricultural Service (FAS USDA).
Russia is the world’s top producer of Palladium and the world’s second largest producer of Platinum. South Africa holds the number one producer spot for Platinum and the number two spot for Palladium. Both countries will be major beneficiaries of the current Russian aggression in Ukraine that is raising prices on the two key components of catalytic converters, jewelry and a host of other products
24 NOV 2021, 12:08
Russia becomes world’s biggest oil producer in September, says statistics service
According to the state statistics service Rosstat, Russia’s output rose to 10.73 mln barrels per day, whereas the US’ production fell to 10.72 mln barrels per day
According to Russian data, Russia has overtaken Brazil in terms of pig production performance in 2020, thus becoming the world's 5th largest pork producer. The data come from a research by the Russian state bank Gazprombank. In 2020, Russia produced 4.27 million tonnes of pork in slaughter weight, 9.7% up compared to the previous year.
Russia's top exports included crude and refined petroleum, natural gas, coal, semi-finished iron, aluminium, wheat, gold, diamonds, copper among others. The country's main export destinations include Netherlands, China, Germany, Italy, Turkey, Belarus, and Japan among others. The export sector has played a significant role in the economy of Russia. Russia's immense wealth of oil and mineral resources allow the country to export large quantities of petroleum, natural gas, and several mined minerals.
Top Export Products Of Russia
1. Crude Petroleum
Russia's petroleum industry is one of the largest in the world and has one of the largest reserves. According to a 2015 statistics, Russia produced approximately 10.83 million barrels of oil per day placing itself among the largest producers of oil in the world. The country accounts for 12% in the total production of oil in the world and also a 12% share of global oil exports. Crude petroleum in Russia together with condensate production reached the post-Soviet maximum of 9.7 million barrels per day in 2006. Russia is the primary transit country for oil coming from Kazakhstan. Crude petroleum is the number one export product in the country with a value of $183,748 million in 2012. The continued growth of the Russian economy is resulting in high demands for energy thus prompting the increase of oil production.
2. Natural Gas
In Russia, natural gas is the third largest export product with a value of $42,892 million in exports. Russia being by far the largest exporter of natural gas is believed to have the largest proven reserves by most authorities such as the US Energy Information, OPEC and the US CIA. The US Geological survey estimates that Russia is also likely to have the largest volume of natural gas in the world that is yet to be discovered. Most of Russia's natural gas is exported to European countries such as Greece, Finland, Italy, France, and Hungary among others.
3. Aluminum
Russia is believed to be the fastest growing aluminum market in the world and the sixth largest export product in the country accounting for $6,638 million in exports. Rusal which is a Russian aluminum company is the sixth largest in the world accounting for about 9% of the world's production of alumina.
4. Gold
Where mining is concerned, Russia is also the leading exporter and producer of a number of minerals. Russia is the largest producer of gold in Europe and the third largest in the world accounting for approximately 250 metric tons of gold production in 2016. In 2012, gold was the 8th largest export product in Russia accounting for $5,845 million in total exports.
An Overview Of Russia's Export Economy
Some sources estimate that Russia contains more than 30% of the natural resources in the world which are among the top export products in the world. The World Bank estimates that the total value of natural resources in Russia accounts for $75 trillion. Since the country has an abundance of oil, natural gas, and precious metals such gold and aluminum, they account for a significant share of Russia's exports. The natural gas and oil sectors in Russia accounted for more than 70% of total exports, 52% of the federal budget revenues and 16% of GDP as of 2012.
Which Are The Top Export Products Of Russia?
Rank Product Value (in millions of USD), 2012
1 Crude petroleum 183,748
2 Refined petroleum 70,646
3 Natural gas 42,892
4 Coal 14,074
5 Semi-Finished Iron 6,997
6 Aluminium 6,638
7 Wheat 6,211
8 Gold 5,845
9 Diamonds 4,677
10 Mixed Mineral or Chemical Fertilizers 4,255
11 Nickel 4,186
12 Nitrogenous Fertilizers 3,850
13 Potassic Fertilizers 3,643
14 Sawn Wood 3,448
15 Hot-Rolled Iron 3,273
16 Copper wire 3,011
17 Synthetic rubber 2,919
18 Iron ore 2,813
19 Radioactive Chemicals 2,583
20 Refined Copper 2,528
