Russia Sees Grain as Main Export Earner
World Economy

Russia Sees Grain as Main Export Earner

Russia’s Agriculture Minister Alexander Tkachev expects grain to be the country’s main source of export revenues.
“I think that Russia is a grain country. This will be the main source of its export revenues,” he said, adding that he considers grain to be a “traditionally export item.”
“We used to import 40 million tons of grain while this year around 30 million will be exported,” he said in an interview aired by the Rossiya-24 TV news channel on Thursday, Tass reported.
According to Tkachev, Russia is facing no problems with grain and what is being exported “is offset of grain the country does not need”, which is sold “under good prices across the world.”
The ministry of agriculture forecasts that export will top 33 million tons in 2016-2017 agricultural year.
The calculation formula for the wheat export tax will depend on crops and grain prices as well as the macroeconomic situation in the country, Tkachev said.
“All will depend on crops, on grain prices, on exports, on many other factors and surely on the macroeconomic situation in the country,” he said.
According to Tkachev, “this formula is not of key importance for the formation of grain prices.”
“I’ve repeatedly said about advantages of this tax, this formula, which restricts a sharp price growth in case of financial shocks,” he added.
The floating export duty on Russian wheat was introduced on July 1, 2015 for one year due to the growing activity of exporters who increased sales of grain on foreign markets and tried to profit from a sharp decline of the ruble.

Short URL : http://goo.gl/OABZu1
  1. http://goo.gl/6JFUAK
  • http://goo.gl/3QXHiN
  • http://goo.gl/aaodWc
  • http://goo.gl/mI8Hrf
  • http://goo.gl/SzffVz

You can also read ...

While China tries to alleviate its demographic crunch, the aging society means a pension shortfall.
Forget that image of sweatshops making all kinds of cheap...
Russia Economic Recovery Underway
Retail sales in Russia picked up in April, while real wages...
In 2017 banks had total mortgage lending of around $352 billion.
High levels of household debt are the greatest risk to Sweden’...
Greece at Crucial Point
Discussions are heating up over future debt repayments for...
Saudi Gov’t Told Not to Boost Spending
The International Monetary Fund urged the Saudi government not...
Peru Economy Strengthens
Economic growth in Peru strengthened in the first quarter...
Brazil CB Keeps Rates on Hold
Brazil’s central bank considered cutting interest rates last...
EU Tells Italy to Cut Debt, Warns of Euro Spillover
Italy’s incoming government should aim to cut its heavy public...