MOSCOW: Russia's wheat exports have fallen 57 percent year-on-year in February after the government imposed a tax on the shipments on Feb. 1, the Agriculture Ministry said on Friday, reducing the chance of an increase in the tax in March.
Russia, a large wheat exporter to North Africa and the Middle East, imposed the tax on wheat exports to try to curb shipments and cool domestic wheat prices, boosted by a slump in the rouble.
"As a result of the imposition of a wheat export tax, the pace of grain exports fell by 28 percent and wheat exports by 57 percent in February," the ministry said in a statement.
"This measure has enabled (the market) to cover domestic needs and find a balance," it added.
The ministry said previously that Russia could review the tax once it gets export data for February. The tax is set at 15 percent of the customs price plus 7.5 euros but is no less than 35 euros ($39) a tonne.
"The decision (on the wheat tax) will be made following February results," Deputy Prime Minister Arkady Dvorkovich told reporters on the sidelines of a conference in the east Siberian city of Krasnoyarsk on Friday.
He said he expected to receive the results in 10 days.
Russia exported 869,000 tonnes of grain, including 322,000 tonnes of wheat, in the first 25 days of February, according to ministry data.
While the state curbs have helped stall export demand in February, they have yet to cool the local market. Russia's domestic wheat prices rose for the third week in a row, analysts said this week.
The ministry forecasts grain exports at 28.5 million tonnes, including 20 million tonnes of wheat, for this 2014/15 marketing year. Since the start of the year on July 1, the country has exported 24.2 million tonnes of grain, including 18.8 million tonnes of wheat.
Market and state stocks of grain are forecast at 17 million tonnes, including 8 million tonnes of wheat, at the end of the year on June 30, the ministry added.
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