November 25, 2008

Russia grants subsidies to grain exporters


Russian government intends to offer grain exporters subsidies in order to ensure the export of at least another 10 million tonnes of grain in the current marketing year, the agriculture ministry said Thursday (Nov 20, 2008).


The measures will enable Russian grain exporters to compete on the world market under the current conditions of falling prices due to the international financial crisis.


The ministry said the decision had been taken at a cabinet meeting November 19 chaired by Deputy Prime Minister Viktor Zubkov.


The Russian agriculture ministry expects this year's grain harvest at 95 million to 100 million tonnes and grain export in the 2008-2009 marketing year of 20 million to 25 million tonnes.


Russia harvested in 2007 82 million tonnes of grain and exported in the 2007-2008 marketing year, July 2007-June 2008, 12.754 million tonnes of grain.

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