According to Ag Web, Russia and China are looking to increase their trade in ag goods, with Russian Prime Minister Mikhail Mishustin stating that Russian farmers are prepared to significantly increase exports to China.
Chinese Vice Premier He Lifeng also expressed China's interest in enhancing industrial and agricultural cooperation with Russia. These comments were made during a bilateral business forum held in Shanghai.
Amid growing international isolation over the war in Ukraine, Russia is seeking to deepen its trade ties with China, which has refrained from joining the U.S.-led sanctions against Russia.
This situation has led to a boom in trade between the two nations, with Beijing's purchases of energy and aluminum surging due to sanctions restricting supplies to the West. Furthermore, China's exports to Russia reached a record high in April, amounting to $9.6 billion, a 153% increase from a year earlier.
While the Western sanctions do not directly target food and fertilizers, there is considerable potential in these sectors. During the forum, wheat and meat shipments were reportedly on the agenda.
This comes at a time when China is aiming to reduce its import reliance on crops like soybeans, primarily sourced from Brazil and the U.S., and needed to feed its substantial pork herds.