MOSCOW TIME: 10.08.2020 21:11:20

Export/Import

Russia extends zero duty on wheat exports as production continues to boom

Russia extends zero duty on wheat exports as production continues to boom

Russia is looking to solidify its position on the global agriculture export market after the government announced that it is extending the term of the zero rate on wheat exports until July 1, 2021.

According to a decree posted on the official government website: “The decision will facilitate the export of produce of the agro-industrial sector.”

The zero wheat export duty, introduced in Russia three years ago, was valid until July 1, 2018 with a subsequent extension until July 1, 2019.

In 2016, Russia became the world leader in wheat exports. The country’s share of the global wheat market has quadrupled since the early 2000s.

Overall, Russian agricultural production surged by 20 percent over the past five years. According to Patrushev, Russia will soon become one of the worlds 10 leading exporters of agricultural products.

Source:RT

:

Russia Wheat Exports Trade

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