Ausbuy

Russia, Open For Business

September 27th, 2007

Russia wants Australian products, and not just the uranium that has been widely reported, fine foods and beverages are also being sought.

Austrade, our export development agency, has promoted Russia, along with India and China, as potential trading partners due to their large populatitons and growing disposable incomes. The national manager for food and beverage, Lyndel Jack, said “The Russian Federation is one of the fastest-growing emerging markets in the world.”

“With a population of 142.7 million, imported foodstuffs make up a large proportion of Russia’s food market - up to 80 per cent in some categories. It’s a clear opportunity for Australian suppliers” and “India, with its population of one billion, has a growing middle class, estimated to be between 200 to 300 million,” Ms Jack said. “Food and beverage sales account for more than half of consumer expenditure in India.”

Austrade chief economist, Tim Harcourt, said the rise of super economies, such as China, was providing a boost for the export of Australian fine food and wine.

“In terms of food, our markets have traditionally been in high-income countries like Japan, the U.S., UK, New Zealand and Hong Kong,” Mr Harcourt said. “But now developing economies with large middle-class consumer populations are also creating demand - especially for fine food. There’s no doubt rising incomes, especially in coastal China - and Australia’s clean green image - have helped drive the success of Australian food exporters in these markets.”

This can only be good news for Australian food exporters.

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