Russia wrapped up its 2022-2023 agricultural year with an estimated record of 58-59 million tons of grain exports, reported RIA Novosti on Monday.
The Agriculture Ministry’s estimate of the export potential in the range of 55-60 million tons was accurate, and Russian grain exporters had overcome hidden sanction barriers imposed by some countries at the start of the 2022-2023 season, Eduard Zernin, chairman of the board of the Russian Grain Exporters Union, was quoted as saying.
The season followed a record-breaking 2022, when Russian farmers harvested 157.676 million tons of grain, including 104.237 million tons of wheat.
The supply of Russian grain is regulated by a flexible export duty on wheat, corn and barley, which has been in effect since June 2021, and a tariff quota introduced in February 2021. In 2023, adjustments were made to the calculation of both indicators.
Zernin said that the change in the cut-off price for export duty on grain was made to channel funds from the state to agricultural producers, as it boosted purchase prices for exporters in ports, which stimulated sales of grain. He added that a new mechanism for the distribution of quotas will also encourage exporters to increase shipments to needy countries.
The ministry’s estimate of export potential in the season of 2023-2024 is 50-55 million tons, Zernin said.
Source: https://www.hellenicshippingnews.com/