MOSCOW TIME: 07.04.2020 23:59:15

Economy

China Has Authorized Wheat and Soy Imports from The Russia

China Has Authorized Wheat and Soy Imports from The Russia

China has authorized wheat imports from the Russian region of Kurgan, the Chinese customs office mentioned on Friday, bringing Russia a step closer to its goal of dramatically growing grain exports.

China was the top consumer of American soybeans till Beijing slapped a 25% tariff on shipments the last year in response to U.S. tariffs on a variety of Chinese products.

Russia, already the world’s high wheat exporter, plans to invest billions of dollars in grain infrastructure and logistics to raise its exports of the commodity to not less than 55.9 million tonnes by 2035.

The determine, outlined in a 2035 strategy revealed by Russias agriculture ministry earlier this month, could be as high as 63.6 million tonnes, its “optimistic scenario” forecasts confirmed.

This year, Russia is predicted to export 41.9 million tonnes of grain, together with 31.4 million tonnes of wheat, based on SovEcon, certainly one of Russias leading agriculture consultancies.

China is already importing wheat from six other Russian regions.

Source:marketnewsreporter.com

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