Minister: Food exports could fill gap in trade with Russia

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One of the best ways to close the $5 billion gap in Hungary's trade with Russia could be the increase of agriculture and food exports, Foreign Trade Secretary Péter Szijjártó stated yesterday; such products make up just 8% of export volume to Russia at present.

Likewise speaking at Hungarian-Russian business forum, Ilya Shestakov, Russian deputy minister for agriculture, cited the potential of Hungarian poultry on the Russian market. Shestakov also saw room for cooperation in horticulture and greenhouse production, areas in which Hungary has vast experience.

Russia has special importance in the sitting government's much-touted East-facing import/export policy, as the country is currently Hungary's third-largest trading partner and biggest trading partner outside the European Union, Szijjártó noted.

Hungarian exports to Russia totaled $3.3 billion and imports from Russia totaled $8.3 billion in 2012.

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