The Russian wheat exports to Turkey increased by 4 times

25.04.2017

Introduced by Turkey restrictions on imports of Russian Pesnica has not prevented her to reach record levels on export

Russian wheat exports to Turkey at the end of March this year increased four times in comparison with February. In spite of prohibitive duties, shipments were a record since August last year.

The reason for this growth is that Russian exporters who have signed contracts for the supply before the ban, rushed to ship wheat.

March export growth in Turkey reflected in the aggregate supplies of wheat in the agricultural year – as of April 19, Russia has put 5.7% more wheat than in the same period last year.

Russian exporters at the end of March this year put Turkey 322 thousand MT of wheat in February deliveries amounted to only 82 thousand tons, follows from the data of the analytical centre "Sovekon".

March wheat supplies to Turkey was a record from August 2016. In March 2014, 2015 and 2016 deliveries amounted to 260 thousand tons to 203 thousand tons and 185 thousand tons, respectively, from the data of the Federal customs service (FCS).

Duty-free import of Russian wheat to Turkey has ceased to operate from March 15 of this year. From this date the fee for Russian wheat suppliers are 130%, which, in fact, is a prohibitive restriction.

Exporters were able to increase deliveries in March on the old contracts that were concluded prior to March 15, said the Director of the analytical center "Sovekon" Andrei Sizov.

"In conditions of high uncertainty in the Turkish market traders are more quickly fulfilled the contracts that were signed until March 15, because of fears the next revision of the rules of the game. Currently, almost all the volumes on such contracts already delivered, so in April, apparently, the volume of wheat supplies to Turkey will be insignificant", — said Andrey Sizov.

Recall the question of the lifting of restrictions by Turkey were discussed at the meeting of Vice Prime Minister Arkady Dvorkovich and Deputy Prime Minister of Turkey Mehmet Simsek last Tuesday.


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