December 18, 2023

Russia's egg imports to be excluded from duty in first six months next year

Russian imports of 1.2 billion eggs will be exempt from duty for the first six months of 2024, Russia's economy ministry said last week.

The move will help control prices as some shops run low on supplies.

Egg prices have risen more than 40% so far this year and empty egg shelves have been seen in some Moscow supermarkets in the past week. Eggs remain widely available online and not all shops have been affected.

"The decision will help in the short term to balance the domestic market of eggs and ensure supply growth," the ministry said. The measure will apply from January 1 to June 30.

The ministry added that imports could be sourced from "friendly countries", meaning those that have not imposed sanctions on Russia over the conflict in Ukraine. It said imported supplies would help stabilise prices.

Russia has been grappling with stubbornly high inflation after a double-digit rise in 2022. Prices for eggs have risen 42.4% since the start of the year, according to data from federal statistics service Rosstat.

Russia's egg production fell 1.3% year-on-year in October, said Andrei Sizov of the Sovecon agriculture consultancy. Some consumers switching from chicken to eggs as a source of protein in the face of price rises may have compounded the fall in supplies, he noted.

Russia's General Prosecutor's Office recently said it met various federal bodies to discuss egg prices and pledged that unjustified price increases would be curbed.

- Reuters