According to the consulting agency SovEcon, Russia exported 22.7 million tons of wheat in the first half of 2022/23, and the annual export volume may reach 44.3 million tons.

SovEcon said that Russia exported 22.7 million tons of wheat in the first six months of 2022/23, an increase of 200000 tons year on year. The export rate in the last few months of 2022 was higher than the average level, enabling exporters to make up for the deficiencies at the beginning of this year.

During the period from July to September 2022, Russia's wheat export lagged behind the average level of previous years, due to the strengthening of the ruble exchange rate and high tariffs and freight rates. Since October last year, the export of Russian wheat has accelerated, exceeding the average level of previous years, because Russian wheat is competitive with the EU wheat quotation again.

In the past few months, Russia's wheat export to Algeria has accelerated significantly, and Algeria has been ranked among the top three buyers of Russian wheat. From July to December 2022, Russia's wheat export to Algeria reached an all-time high.

The Ministry of Agriculture of Russia has not adjusted its wheat export forecast for this year, which is still 39.5 million tons.

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