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company also signed a distribution deal with Italy's Dan John, Roganovich said.
9.1.6 Agriculture sector news
Russia harvested 155.5mn tonnes of grain on 97% of area as of November 29.
The Russian Ministry of Agriculture confirms the forecast for agricultural products’ export of $40bn in 2022, Minister Dmitry Patrushev said on November 21. Russia is also keeping the net exporter status of foods for the third year in succession and exports more food than imports, Patrushev added.
The FAO reduces the world grain harvest forecast by 4.9mn tons. In November, the Food and Agricultural Organization of the UN reduced their estimate of 2022 world grain production by 4.9mn tons to 2.76bn tons compared to their October forecast. The FAO noted that this is 1.8% lower than last year's collection. The forecast revision primarily concerns wheat, and the forecast for the world production of fodder grains has also been slightly reduced. The wheat collection estimate decreased by 3.4mn tons to 783.8mn tons. However, this is 0.6% higher than 2021’s figure and would be a record. The revision regarding wheat is almost entirely related to the indicators of US production, where a decrease in productivity and a reduction in harvesting areas has been recorded. The harvest estimate for fodder grains was reduced by 1.3mn tons to 1.47bn tons. This is 2.8% lower than last year.
The net profit of agricultural holding Rusagro, one of Russia’s top producers of pork, sugar and fat and oil products, dove by 96.2% on the year to 1.34bn rubles in January–September, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on November 14. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 20% to 35.371bn rubles.
The country’s production of sugar should increase by 4% on the year to 6.1mn tonnes in 2022, Andrei Bodin, chairman of the Union of Sugar Producers of Russia, said in a news conference on Thursday. “Production of beet sugar will exceed consumption of 5.9mn tonnes this year reaching 6.1mn tonnes. It will create the potential to satisfy the internal market and send sugar to the countries of the EAEU (Eurasian Economic Union) and third countries,” he said.
118 RUSSIA Country Report December 2022 www.intellinews.com