Russia Reduces Wheat Export Duty by 5%

This year’s grain harvest in Russia also exceeded expectations. As Deputy Minister of Agriculture Maxim Uvaidov stated, “more than 150 million tons of grain were collected, of which about 95 million tons were wheat.” The previous record was set in 2022, when the net grain harvest amounted to 157.7 million tons.

Russia is increasing grain exports and will reduce customs duties by 5% starting December 27. Thus, the tax will decrease from 4048 rubles (40.08 euros) to 3859 rubles (38.2 euros) per ton. According to Russian Minister of Agriculture Dmitry Patrushev, “in 2023, Russia exported 65 million tons of grain.”

In the first 10 months of the year, EU countries increased grain imports from Russia 1.5 times, to 1.2 million tons compared to the same period last year. During January-October of this year, Italy increased imports of Russian wheat 4.5 times, to 390 thousand tons. Latvia was in second place (1.6 times increase, 289 thousand tons), and Greece closed the top three (1.5 times increase, 228 thousand tons).

In October alone, Spain imported 110,000 tons of Russian grain worth €23.9 million, absorbing 55% of Russia’s total monthly grain exports to the EU. Italy’s imports in October amounted to 42,000 tons.