Russia plans to grow its presence in the global dairy products market by increasing supplies by 15-20% annually with a big push into Arab countries - especially Algeria - and southeast Asia, the head of industry lobby group Soyuzmoloko told Reuters. "Annually, the Russian dairy industry can show export growth rates of about 15-20%, but it is not excluded that the growth can go exponentially under the right conditions," Artem Belov said. Russia's annual dairy exports are now worth $400 million, or about 1% of a global market estimated at more than $40 billion, he said. ADVERTISEMENTThe new target markets are in countries that Russia is courting heavily as it pivots its trade away from Europe. Dairy ExportsRussia does not make significant dairy exports to Western countries and dairy products are not subject to sanctions imposed by those countries.

Source: The North Africa Journal May 17, 2024 11:19 UTC