Russia’s 2024 Harvest Falls Below Expectations on Bad Weather and Supply Chain Woes

12 hours ago 1

Russia’s cultivation harvest came successful beneath expectations successful 2024 owed to mediocre upwind conditions and proviso concatenation problems, according to the Bank of Finland Institute for Emerging Economies (BOFIT).

Production of cardinal tract crops declined to astir 125 cardinal tons, down 14% from an all-time record harvest of 153-155 million tons of grain in 2023. Wheat output fell to 82 cardinal tons, a 16% decrease, portion different crops, including maize, barley and sweetener beets, recorded drops of astir 20%. Potato accumulation was down by 10%.

Poor upwind conditions, constricted entree to high-quality seeds owed to sanctions (Russia utilized to import each its effect potatoes from Europe), workplace machinery and a chronic labour shortage were cited arsenic superior factors down the decline.

Despite the disappointing harvest, Russia remains self-sufficient successful galore staple nutrient items. However, to stabilize home nutrient prices, the authorities has imposed restrictions connected atom exports. The wheat export quota for outpouring 2025 is acceptable astatine little than 11 cardinal tons, a crisp simplification from 29 cardinal tons successful 2024, portion atom exports are banned wholly until June 2025.

“Export restrictions are captious to ensuring terms stableness astatine location but travel astatine a outgo to producers,” BOFIT notes, pointing to reduced profitability and the increasing reliance connected authorities subsidies. Domestic producers look mounting challenges arsenic export tariffs and terms controls hinder investments successful seeds, machinery, and retention infrastructure.


					A mediocre  harvest successful  2024 has led to the prices of immoderate   cardinal  nutrient  products similar  eggs and food  to tally  good   up  of user  terms  inflation.					 					bne IntelliNews				A mediocre harvest successful 2024 has led to the prices of immoderate cardinal nutrient products similar eggs and food to tally good up of user terms inflation. bne IntelliNews

An further regulatory exemption allows atom exported from Russian-occupied areas of Ukraine to beryllium sold to 3rd countries without tariffs, further complicating the market. This measurement has drawn scrutiny for separating atom stolen from Ukrainian producers from Russia’s declared atom exports.

Animal husbandry and nutrient accumulation nether pressure

The knock-on effects of Russia’s mediocre harvest person rippled done its cultivation economy, notably impacting its carnal husbandry industries. Growth successful beverage accumulation stagnated by outpouring 2024, leaving output for the archetypal 11 months of the twelvemonth level compared to 2023. Rising costs prompted galore dairy farms to curtail food accumulation successful the second fractional of the twelvemonth sending its price successful the supermarkets soaring.

Egg production, which had contracted successful 2023 owed to exploding retail prices, rebounded modestly successful the 2nd fractional of 2024 aft authorities interventions, including terms controls, lifting of import restrictions, and enactment programs for home producers.

Meanwhile, foodstuff accumulation maturation slowed sharply, falling from a 6% year-on-year summation successful the archetypal fractional of the twelvemonth to conscionable 1% successful the 2nd half, BOFIT reports. November 2024 saw nutrient prices emergence 10% y/y, with immoderate items experiencing adjacent steeper hikes. Headline food prices were up 34% y/y, but anecdotal reports assertion the outgo of food has much than doubled, portion retail beverage and dairy products roseate 14%, according to the official statistics.

In response, Russian officials person adopted a premix of measures, including suspending import tariffs connected butter, apples, and potatoes until mid-June 2025, and urging section authorities to show pricing practices. “These actions purpose to temper inflationary pressures and enactment households,” officials said.

The upshot is that the terms rises of respective cardinal cultivation and dairy products are running good up of user terms inflation (CPI).

This nonfiction was primitively published by bne IntelliNews.

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