Ukraine: Duties on grain exports may be extended until the end of the current marketing year

Ukraine’s economy ministry wants the government to extend duties on grain exports until the end of the current marketing year, First Deputy Economy Minister Vadym Kopylov was quoted as saying by Bloomberg on September, 7.

The government will discuss an extension along with the possible introduction of duties on exports of sunflower oil and soybeans, Kopylov said in an interview. The minister gave no schedule for the Cabinet to make a decision.

The government imposed duties of 9 percent for outbound wheat shipments, 12 percent for corn and 14 percent for barley as of July 1 after lawmakers voted to scrap export quotas.

Ukraine may export 5 million metric tons of grain to the European Union in the current marketing year, which began July 1, Kopylov said. The country may ship 2 million tons to Egypt and an equal amount to Iran, 2.6 million tons to Saudi Arabia, 1 million tons to Bangladesh and 1.5 million tons to Israel, according to the minister.

Ukraine is also in talks with Japan concerning grain exports, Kopylov said. The Asian nation is the top global corn importer, and Egypt is the largest buyer of wheat.

07 September, 2011