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October 27, 2011

 

Russia to impose floating grain export duty

 


A considerable increase in domestic grain prices will push Russia's Economic Development Ministry to introduce a floating duty on grain exports, Deputy Economic Development Minister Andrei Klepach said late Tuesday (Oct 25).

 

The ministry has already submitted its calculations for the size of the duty to the government, Klepach said, adding that the proposals on the floating grain export duty are insurance against a jump in grain prices on the domestic market.

 

Klepach said that if there is no jump in domestic grain prices, there will be no need to impose the duty.

 

The ministry expects the grain exports of 22-25 million tonnes in the current agricultural year, which ends on June 30, 2012, not to affect the country's grain balance, he also added.

 

Earlier in October, First Deputy Prime Minister Viktor Zubkov said that a prohibitively high export duty could be set if grain exports exceed 24 million tonnes in the current agricultural year, adding that the duty is likely to be floating. As of October 11, Russia had exported 11 million tonnes of grain since July 1, when a ban introduced by the government on grain exports was lifted. As of Tuesday, Russia's grain harvest amounted to 95 million tonnes over a harvesting area of 41.1 million hectares, or 96% of the total crop acreage, the Agriculture Ministry said.

 

In 2010, the grain harvest fell 35% on the year to 60 million tonnes due to a severe drought.

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