Russian Federation: Plough Market 2024

Plough Market Size in the Russian Federation

The Russian plough market surged to $X in 2022, with an increase of 286% against the previous year. Overall, consumption continues to indicate a moderate increase. Plough consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Plough Production in the Russian Federation

In value terms, plough production surged to $X in 2022 estimated in export price. Over the period under review, production, however, faced a deep reduction. Plough production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Plough Exports

Exports from the Russian Federation

In 2022, after two years of growth, there was significant decline in shipments abroad of ploughs for agricultural purposes, when their volume decreased by -14.2% to X units. Overall, exports, however, recorded significant growth. The growth pace was the most rapid in 2015 when exports increased by 114%. Over the period under review, the exports hit record highs at X units in 2021, and then reduced in the following year.

In value terms, plough exports fell significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 84% against the previous year. The exports peaked at $X in 2021, and then contracted notably in the following year.

Exports by Country

Kazakhstan (X units) was the main destination for plough exports from Russia, with a 72% share of total exports. Moreover, plough exports to Kazakhstan exceeded the volume sent to the second major destination, Lithuania (X units), sixfold. Armenia (X units) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Kazakhstan totaled +30.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+60.3% per year) and Armenia (+91.7% per year).

In value terms, Kazakhstan ($X) remains the key foreign market for ploughs for agricultural purposes exports from Russia, comprising 77% of total exports. The second position in the ranking was taken by Mongolia ($X), with a 16% share of total exports. It was followed by Lithuania, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Kazakhstan stood at +29.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mongolia (+131.5% per year) and Lithuania (+33.3% per year).

Export Prices by Country

The average plough export price stood at $X per unit in 2022, remaining stable against the previous year. In general, the export price showed a noticeable setback. The pace of growth appeared the most rapid in 2021 when the average export price increased by 36% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Mongolia ($X per unit), while the average price for exports to Armenia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mongolia (+6.6%), while the prices for the other major destinations experienced a decline.

Plough Imports

Imports into the Russian Federation

In 2022, purchases abroad of ploughs for agricultural purposes increased by 132% to X units, rising for the second year in a row after three years of decline. In general, imports recorded a notable expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, plough imports contracted markedly to $X in 2022. Overall, total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.3% 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 +24.6% against 2019 indices. The growth pace was the most rapid in 2016 when imports increased by 81%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Belarus (X units) constituted the largest supplier of plough to Russia, with a 66% share of total imports. Moreover, plough imports from Belarus exceeded the figures recorded by the second-largest supplier, Poland (X units), threefold. China (X units) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume from Belarus stood at +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+8.8% per year) and China (-4.7% per year).

In value terms, the largest plough suppliers to Russia were Poland ($X), Belarus ($X) and Hungary ($X), together comprising 78% of total imports.

Belarus, with a CAGR of +15.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average plough import price stood at $X per unit in 2022, declining by -63.5% against the previous year. Overall, the import price saw a mild downturn. The most prominent rate of growth was recorded in 2020 when the average import price increased by 87%. Over the period under review, average import prices attained the peak figure at $X per unit in 2021, and then shrank rapidly 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 ($X per unit), while the price for Belarus ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+32.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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