Selling world's cheapest chicken, Russian producers turn to
RUSSIA is seeking to boost poultry exports in China to stop domestic prices from plunging further amid oversupply of the world's cheapest chicken.
Shipments to the United Arab Emirates and Egypt are due to begin in coming months and the company is now exploring opportunities in China, says leading producer, Cherkizovo Group PJSC.
This will challenge heavy competition from the United States poultry producers, who dominate the chicken feet market in Hong Kong, for example.
Output, mainly of chicken meat, rose by 6.3 per cent in the first quarter from a year earlier, according to data from the Agriculture Ministry.
It follows a record 4.49 million tons in carcass weight in 2015, according to the Institute of Agricultural Market Studies. That's hurting prices and producers like Cherkizovo Group PJSC, reported Bloomberg.
"Poultry in Russia is probably the cheapest in the world,?said director general at the company Sergei Mikhailov. "The market is stressed.?
Cherkizovo plans to increase exports to boost profit, bringing sales abroad to 20 per cent of total revenue in the next two years.
Shipments to the United Arab Emirates and Egypt are due to begin in coming months and the company is exploring opportunities in China, the Middle East and Africa, it said.
Russian exports of chicken meat and by-products may grow 46 per cent to 95,000 tons this year, according to the agricultural institute, known as Ikar.
At the same time, broiler-meat imports will fall about 50 per cent from 260,000 tons, the US Department of Agriculture estimates.
A share of local demand continues to be met by imports even as domestic production grows, partly as cross-border transport can be shorter than internal routes.
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