Russian govt may set zero grain import duty by April.

By bne IntelliNews February 12, 2013
The Russian government may reduce import duty for grain to zero from the current 5% by April, the Deputy PM Arkady Dvorkovich has announced. At a meeting held by Dvorkovich on Feb 1, Economic Development Ministry officials suggested that the import duty on wheat, rye, barley and corn will be eliminated until Aug 1. The Agriculture and Economic Development ministries say the abolition of the duty would not have a significant impact on the market. However the decision "will put the brakes on price growth," Deputy Economic Development Minister Andrei Klepach said. Russia aims to harvest 95mn tonnes of grain in 2013-14, targeting an exportable surplus of about 15mn tonnes, Fyodorov added. Since Jun 1 2012, and as of Feb 6 2013, Russia already exported 13.625mn tonnes of grains, declared the Ministry of Agriculture of the Russian Federation on February 11, referring to data of the Federal Customs Service. According to the department, the rates of grain exports are lower compared with last year, when during the same period Russia exported 19.661mn tonnes. The Ministry of Agriculture forecasts that in the reporting season the general grain exports may reach 14.8mn tonnes.

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