Hot topics | Coronavirus pandemic

The Trade Surplus Of The EEU In 2021 Will Amount To $1.1 Billion

The Trade Surplus Of The EEU In 2021 Will Amount To $1.1 Billion

Exports of agricultural products from the Eurasian Economic Union (EEU) to third countries in 2021 will grow by 11.5% compared to 2018, while imports will decrease by 12.2%. As a result, the positive balance of foreign trade of the EEU will amount to $1.1 billion, the Board of the Eurasian Economic Commission (EEC, the permanent regulatory body of the EEU) said.

The growth of mutual trade between the EEU and third countries will be 15.8%. Agricultural production in the EEU in 2021 will increase by 8.2% compared to 2018.

According to the EEC, due to its own production, the EEU will fully meet the domestic demand for grain, sugar, vegetable oils, chicken eggs, pork, and lamb. "For poultry meat, the Union will become self-sufficient in 2020, and for potatoes-in 2021. For milk and vegetables, this figure will be 98%," the report says.

The joint forecasts are formed in accordance with the list of indicative indicators for the development of the agro-industrial complex, previously approved by the EEC Council, and the consolidated forecast balances of supply and demand of the EAEU countries.

The list of indicative indicators includes information on acreage, livestock, and poultry, the volume of production of agricultural products in general, as well as the main types in physical terms, the value of exports and imports of agricultural goods.

Consolidated forecast balances are formed for the main types of agricultural products and food, including grains, milk, potatoes, eggs, vegetables, fruits and berries, sugar, vegetable oils, as well as for the main types of agricultural raw materials for light industry.

You may also like: