Russia: Food Imports Halve in 3 Years

UrBC, Moscow, April 27, 2017. Food imports to Russia shrank into a half of their amount from three years before, Interfax refers to Agriculture Minister Alexander Tkachev as telling reporters.

‘The amount of imported foods nearly halved in the last three years, dropping from $43bn down to $25bn,’ Tkachev said.

According to the official, this is the most important outcome of import substitution.

‘This is a breakthrough and probably the most significant result,’ the Minister pointed out.

‘You can take a look at any hypermarket, any store, and any mom and pop shop: most of the foods come from Russia. I believe we got back and won back the shelf space that belongs to us,’ he said.

Tkachev also said that, given the current foreign currency exchange rates, food exports from Russia might decline by some $3bn, down to $14bn. According to his estimates, the dollar exchange rate that suits the national agricultural sector the most would stand at 60 to 65 RUR per U.S. dollar.

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