"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. The new target markets are in countries that Russia is courting heavily as it pivots its trade away from Europe. Russia does not make significant dairy exports to Western countries and dairy products are not subject to sanctions imposed by those countries. "In 2024, Algeria may become the number one buyer and number one in terms of exports of dairy commodities.

Source: The North Africa Journal May 17, 2024 05:37 UTC