Russia: from March 27, the export duty on corn will be zero, and on wheat it will increase by 4.7%

Published 2024년 3월 26일

Tridge summary

The Ministry of Agriculture of the Russian Federation has announced adjustments to the customs duties on agricultural exports for the period from March 27 to April 2. Notably, there will be a 4.7% increase in the export customs duty on Russian wheat, alongside specific increases for barley and a reduction to zero for corn. These changes are based on the latest indicative prices for these grains and are calculated using a methodology that applies duties in rubles, reflecting a shift from previous dollar-based calculations since July 6, 2022. The methodology calculates duties as 70% of the difference between the base and indicative prices, with a recent upward revision of the base price for wheat.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

New rates of customs duties in Russia are set from March 27 to April 2, reports the Ministry of Agriculture of the Russian Federation. According to calculations by the Ministry of Agriculture of Russia, the rate of export customs duty on Russian wheat, compared to the previous period, will increase by 4.7% from March 27. According to the agricultural department, the export duty will be: • for wheat - will increase by 155.6 rubles: from 3143 rubles to 3298.6 rubles per ton; • for barley - will increase by 165.2 rubles: from 408.1 rubles to 573, 3 rubles per ton; • for corn - will become zero: from 71.2 rubles to 0 rubles per ton. Duties for the next week were calculated based on indicative prices per ton: • wheat - $235.8 ($236.6 a week earlier); • barley - $181.3 ($181.2 a week earlier); • corn - $172.1 ($175.9 a week earlier). FOR REFERENCE: from July 6, 2022, grain duties are calculated in rubles, not in dollars. The duty is 70% of the difference between the base and ...

Source: Agrosektor