Russia drops wheat export duty to zero in bid to boost sales
BLOOMBERG.COM
zero export duty
SUMMARY

Russia has set its wheat export duty to zero from July 9 to July 15, a significant drop from 56.3 rubles ($0.70) per ton. This change aims to boost lagging sales, as previous duties had reached as high as 4,769 rubles ($60) per ton in late December.

Despite being the world's largest exporter of wheat, Russia's exports fell dramatically. In June, only 1.12 million tons were shipped, a quarter of last year's figures. For the upcoming year, preliminary data suggests a 28% decrease in exports to 41.5 million tons.

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