Russian Federation: Maize Market 2024

Maize Market Size in the Russian Federation

The Russian maize market declined to $X in 2022, dropping by -2.5% against the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Maize Production in the Russian Federation

In value terms, maize production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 48% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

The average yield of maize in Russia contracted slightly to X tons per ha in 2022, with a decrease of -1.6% on 2021. The yield figure increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2019 with an increase of 19% against the previous year. As a result, the yield attained the peak level of X tons per ha. From 2020 to 2022, the growth of the average maize yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The maize harvested area in Russia shrank modestly to X ha in 2022, waning by -2.9% compared with the year before. The harvested area increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when the harvested area increased by 20%. Over the period under review, the harvested area dedicated to maize production attained the maximum at X ha in 2021, and then reduced in the following year.

Maize Exports

Exports from the Russian Federation

In 2022, exports of maize from Russia dropped to X tons, waning by -11.1% on the previous year. Over the period under review, exports, however, posted slight growth. The growth pace was the most rapid in 2014 with an increase of 75% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, maize exports contracted remarkably to $X in 2022. In general, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 76%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey (X tons) was the main destination for maize exports from Russia, with a 47% share of total exports. Moreover, maize exports to Turkey exceeded the volume sent to the second major destination, South Korea (X tons), fivefold. The third position in this ranking was held by Latvia (X tons), with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey totaled +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+35.7% per year) and Latvia (+54.2% per year).

In value terms, Turkey ($X) remains the key foreign market for maize exports from Russia, comprising 50% of total exports. The second position in the ranking was taken by South Korea ($X), with a 10% share of total exports. It was followed by Latvia, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey totaled +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+33.1% per year) and Latvia (+50.0% per year).

Export Prices by Country

In 2022, the average maize export price amounted to $X per ton, waning by -11.8% against the previous year. Overall, the export price continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2021 an increase of 37% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were South Korea ($X per ton) and Turkey ($X per ton), while the average price for exports to Armenia ($X per ton) and Lithuania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+5.4%), while the prices for the other major destinations experienced mixed trend patterns.

Maize Imports

Imports into the Russian Federation

In 2022, after four years of decline, there was significant growth in purchases abroad of maize, when their volume increased by 28% to X tons. Over the period under review, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 69%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, maize imports rose sharply to $X in 2022. In general, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +12.2% against 2019 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 62%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Hungary (X tons), Ukraine (X tons) and France (X tons) were the main suppliers of maize imports to Russia, with a combined 77% share of total imports. Romania, Slovakia, Austria and Serbia lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Slovakia (with a CAGR of +15.4%), while imports for the other leaders experienced a decline.

In value terms, Hungary ($X) constituted the largest supplier of maize to Russia, comprising 55% of total imports. The second position in the ranking was taken by France ($X), with a 17% share of total imports. It was followed by Romania, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from Hungary stood at +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+3.2% per year) and Romania (-5.9% per year).

Import Prices by Country

In 2022, the average maize import price amounted to $X per ton, dropping by -14.5% against the previous year. Overall, the import price, however, posted strong growth. The pace of growth was the most pronounced in 2020 when the average import price increased by 140% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then declined in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Hungary ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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