Source: Oleoscope (Russia)
Russia will increase the export duty on sunflower oil in June. The new duty will be 6,634.6 rubles per tonne. This represents a rise from May’s rate. May saw a duty of 6,278.3 rubles per tonne. The Russian Ministry of Agriculture announced this decision.
The calculation is based on the indicative price. This price is $841.8 per tonne. The Ministry of Agriculture reported this figure as well.
Details of the Sunflower Oil Duty Adjustment
Specifically, the export duty formula uses an indicative price. The price is reduced by 13,875 rubles. This result is then multiplied by 0.7. This calculation yields the export duty amount. Previously, the price reduction factor was 13,575 rubles. Therefore, the reduction factor has increased.
Furthermore, a zero duty on sunflower meal exports remains in effect. The zero duty applies from May 1, 2024, to August 31, 2024. This measure supports the processing industry.
Meanwhile, sunflower oil production in Russia has increased significantly. According to Rosstat, production reached 2.3 million tonnes. This occurred between September 2023 and April 2024. However, this is 5.5% lower compared to the same period last season.
Moreover, Russia is a major exporter of sunflower oil. Its export volumes are substantial. Last season witnessed significant exports. For instance, Turkey and India are key importers. These countries rely on Russian sunflower oil.
Additionally, the Russian government actively manages agricultural exports. They use duties and quotas. These measures aim to stabilize domestic prices. These actions also ensure sufficient supply for the Russian market.
In conclusion, the rising export duty impacts the sunflower oil market. This increase could affect international trade flows. So, businesses should monitor these changes closely. Therefore, understanding these regulations is crucial for exporters and importers alike. Consequently, adapting to these changes is essential for remaining competitive.