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Russia grain export duty takes effect
Russian grain export duty takes effect on Sunday. Grain export duty makes 15% of customs cost of a grain batch plus 7.5 euro, but no less than 35 euro per one tonne.
The government has declared this measure in December 2014 to make Russian grain sales to foreign markets less attractive and to stabilise flour and bread domestic prices.
For instance, a grain tonne cost $265 per tonne at the Chicago Mercantile Exchange in December, whereas the domestic price made 11 thousand roubles ($159). So, export was 50% more attractive than sales on the domestic market.
Following grain supply slump in Russia flour and bread prices hiked in November-December 2014. This growth should stop by April 2015, Deputy Prime Minister Arkady Dvorkovich said in an interview with TASS in January. When grain export duty comes into effect more administrative barriers to make the export slower will be needed no longer, therefore, the government plans to lift them.
Meanwhile, before grain export duty taking effort grain exporters have raised Russian grain export by 30% up to 495 thousand tonnes in first two weeks of 2015 as compared with the same period in 2014.
[Source: Sputnik News, Moscow, 01Feb15]
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