EAEU expected to achieve nearly full self-sufficiency in agricultural products in 2021

The Eurasian Economic Union is expected to achieve nearly full self-sufficiency in the main kinds of agricultural products except for fruits. The projections are mentioned by the agribusiness development forecasts that have been jointly developed and reconciled by the Eurasian Economic Union member states. The documents deal with the expected balance of supply and demand of agricultural products, food, flax fiber, raw hides, cotton fiber, and wool in the EAEU member states in 2020-2021. The projections were approved by the Eurasian Intergovernmental Council on 9 October, the press service of the Eurasian Economic Commission told BelTA. According to the source, domestic production fully satisfies the Eurasian Economic Union’s demand for cereals, sugar, vegetable oils, pork, eggs, and mutton. In the forecast period the Eurasian Economic Union may reach self-sufficiency with regard to potatoes and meat. The self-sufficiency rate will be 98% for meat and vegetables and 92% for beef. At the same time self-sufficiency with regard to fruits will remain low (45%) in the near future. The projections shape an important vector of further work on horticulture development in the Eurasian Economic Union.

According to the forecasts, the Eurasian Economic Union’s overall output of agricultural products in U.S. dollar terms will increase by 12.2% in 2021 in comparison with 2018. Mutual trade will increase by 15.8%, with export to third countries expected to grow by 11.5%.