Russia more than halves wheat exports in 8 mths because of grain embargo
MOSCOW. Oct 10 (Interfax) - Russia more than halved its exports of wheat in January-August 2011 because of the grain embargo, which was in effect until July 1, the Federal Customs Service (FCS) said in its materials.
According to FCS stats, exports of wheat totalled 5.3 million tonnes in January-August 2011 compared to 11.8 million tonnes in the same period of 2010. The value of exports went down to $1.258 billion from $2.056 billion in the same period of 2010.
The FCS also said that $268.2 million worth in grain was imported in the eight months compared to $123.4 million for the same period of 2010. The increase was largely driven by rising purchases of barely, up to 289,800 tonnes (worth $107.7 million) from 1,900 tonnes ($500,000 for the first eight months of 2010) and corn - to 105,300 tonnes ($85.1 million) from 30,800 tonnes ($48 million).
Russia's Agriculture Ministry forecasts grain exports for this agricultural year (July 2011 to July 2012) to exceed 20 million tonnes.