Russia’s seaborne grain exports rose 39.5% year-on-year in November to 4.8 million metric tons, shipping data from industry sources showed on Friday.
Russia, the world’s top wheat exporter, has been exporting grain at a near-record pace in recent months, despite low global prices and domestic measures aimed at restricting exports to keep prices low at home.
Russia’s grain export potential for the current season is estimated at around 60 million tons. The data showed that seaborne exports have amounted to 27.6 million tons this season, up by 7.08% year-on-year.
Seaborne exports, mostly from Black Sea ports, accounted for about 90% of Russia’s total grain exports last season. Last year Russia exported about 62 million tons of grain through its sea terminals, according to analysts’ estimates.
The data also showed that grain exports from Baltic Sea terminals increased by 38.6% in November, confirming their growing role in targeting new markets for Russian grain, including West Africa and Latin America.
Exports from Black Sea terminals, targeting Russia’s traditional customers in the Middle East, rose 51%, while exports through the Caspian Sea, which mostly go to Iran, fell 38%, the data showed.
Source: Reuters (Reporting by Gleb Stolyarov and Olga Popova, editing by Gleb Bryanski and Alexander Smith)
