Russia: Ministry of Agriculture announces new barley, wheat export duties
Starting February 7, 2024, Russia's Ministry of Agriculture has declared that the export duty on wheat will be set at 3,804.6 rubles ($41.82) per metric ton. Simultaneously, the export duty for barley is established at 827 rubles ($9.1) per metric ton, and for corn, it is fixed at 1,339.8 rubles ($14.73) per metric ton, as outlined by the Ministry.
These duty rates are calculated based on specific indicative prices per metric ton. For wheat and meslin (a combination of wheat and rye), the indicative price stands at $251.1 per metric ton, while for barley, it is set at $190.9 per metric ton, and for corn, it is determined at $199.1 per metric ton.
The implementation of a floating duty on Russian grain exports dates back to June 2, 2021. Under this system, the Ministry of Agriculture assesses the duty amount on a weekly basis, and the calculated fees are subsequently published on the ministry's website. It's worth noting that duties were initially calculated in dollars until July 1, 2022, after which they were converted into rubles.
This dynamic approach to export duties reflects the fluctuations in global grain markets and allows the Russian government to adapt swiftly to changing economic conditions. The transparency of publishing weekly duty calculations enhances predictability for market participants, enabling them to make informed decisions based on the prevailing export duty rates.
The specific duty rates assigned to wheat, barley, and corn play a crucial role in regulating the export landscape, influencing the competitiveness of Russian grains in international markets. These duties not only impact the country's export revenue but also contribute to the broader global grain trade dynamics.
The Ministry's decision to set the export duty rates is guided by the indicative prices, providing a mechanism to align with the market value of these grains. This approach ensures that the duty rates remain responsive to the prevailing economic realities, contributing to the overall stability of Russia's grain export policies.
As Russia continues to be a major player in the global grain market, these export duty adjustments on key grains like wheat, barley, and corn carry implications for international buyers, traders, and the agricultural sector at large. The conversion of duties from dollars to rubles post-July 2022 aligns with the broader economic adjustments and considerations within the country.
The latest announcement by Russia's Ministry of Agriculture regarding the export duties on wheat, barley, and corn underscores the government's commitment to maintaining a flexible and responsive approach to the evolving dynamics of the global grain market. This strategy aims to balance the interests of domestic producers and international trade partners while navigating the intricacies of the agricultural export landscape.
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