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21.07.2020-7

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EAEU predicts positive balance of foreign trade and full self-sufficiency in core agricultural products

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Канунникова Татьяна Валентиновна

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On July 21, the Board of the Eurasian Economic Commission approved joint forecasts for developing the agricultural sector and the supply and demand balance of the EAEU States for agricultural products, food, flax, rawstock, cotton and wool for 2020-2021. Then, the document will be considered by the EEC Council and the Eurasian Intergovernmental Council.

According to the forecast, agricultural production in dollar terms will increase by 8.2% in 2021 compared to 2018. The mutual trade will grow by 15.8%. Export to third countries will grow by 11.5%, while import will decrease by 12.2%. Therefore, there will be a positive balance of foreign trade of 1.1 bln US dollars. The joint forecasts have been formed in accordance with the list of indicative values for developing the agricultural sector previously approved by the EEC Council as well as the consolidated balance forecast for supply and demand of the EAEU countries.

The list of indicative values includes information on cultivated land, livestock and poultry, the volume of overall agricultural products as well as information on core products in physical terms, the cost of export and import of agricultural goods, etc.

Consolidated balance forecasts have been formed for core agricultural products and food, including grains, milk, potatoes, eggs, vegetables, fruits and berries, sugar, vegetable oils as well as core agricultural raw materials for light industry (flax fiber, rawstock, cotton fiber and wool).

The Union completely satisfies the domestic demand for grain, sugar, vegetable oils, chicken eggs, pork, and lamb due to its own production. The Union will become self-sufficient for poultry meat in 2020, and it will become self-sufficient for potatoes in 2021. This figure will amount to 98% for milk and vegetables.

Considering mutual deliveries, Armenia's self-sufficiency level for grain is forecasted to increase from 93.6% to 95.3%, for meat and meat products - from 71.3% to 93.3%, including beef - from 91% to 105%, pork - from 55.7% to 114%, poultry - from 38% to 54.3%, milk - from 94.4% to 100%, vegetable oils - from 92% to 106%, sugar - from 81.3% to 111%, potatoes - from 73% to 90.7%; Belarus's self-sufficiency level for grain is forecasted to increase from 88.8% to 100.7%, pork - from 97.7% to 101.7%; Kazakhstan's self-sufficiency level for beef is forecasted to increase from 98.4% to 105%, pork - from 94.6% to 118%, poultry meat - from 72.3% to 77.6%, milk - from 98% to 101%; Kyrgyzstan's self-sufficiency level for grain is forecasted to increase from 97% to 104.5%, vegetable oils - from 97.8% to 102.7%, vegetables - from 96.2% to 103.3%; Russia's self-sufficiency level for milk is forecasted to increase from 95% to 97.6% and vegetables - from 90.3% to 92.5%.

Joint forecasts are a system-related document on developing the agricultural sector, the basis for assessing the potential of mutual deliveries, prospects for developing main agricultural sectors, their investment attractiveness in view of the Union’s market potential and ensuring food security.


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7/21/2020

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On July 21, the Board of the Eurasian Economic Commission approved joint forecasts for developing the agricultural sector and the supply and demand balance of the EAEU States for agricultural products, food, flax, rawstock, cotton and wool for 2020-2021. Then, the document will be considered by the EEC Council and the Eurasian Intergovernmental Council

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Chairman of the EEC Board; Industry and agriculture

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Created at 7/23/2020 5:25 PM by Канунникова Татьяна Валентиновна
Last modified at 7/23/2020 5:27 PM by Канунникова Татьяна Валентиновна