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Russia increased wheat exports to Turkey after solving trade problems

Russia is signing new contracts for the supply of wheat to Turkey without any premiums to the price after resolving the problems in trade between the two countries, analysts and traders said.

24.Jun.17 2:31 AM
By Daria Zaytseva


Russia increased wheat exports to Turkey after solving trade problems
In mid-March, Turkey, the second largest importer of Russian wheat and the largest one - sunflower oil, excluded these Russian goods from the list of duty-free imports, which almost led to a halt in trade. The problem was resolved after the meeting of the presidents of the two countries in the first days of May.

According to Sergei Balan, the head of the National Association of Agricultural Exporters, traders have already delivered wheat under contracts that were postponed due to trade restrictions.

In May, Russia increased grain exports to Turkey to 105,300 tons from 58,400 tons in April, SovEcon reported, refer to customs data.

Since the beginning of this marketing season on July 1, 2016, Turkey has bought 2.4 million tons of Russian wheat, accounting for 9 percent of all exports from Russia.

Deliveries of sunflower oil to Turkey have also normalized and there are no signs of new problems, said Mikhail Maltsev, head of the oil and fat union of the Russian Federation.

Export of Russian sunflower oil to Turkey in May fell to 13,200 tons compared to 32,500 tons in April and 73,700 tons in March, SovEcon reported.

Russia exported 1.2 million tons of sunflower oil in October-May, of which 406,800 tons were exported to Turkey.

Russia still keeps a prohibition on the import of Turkish tomatoes, citing the need to support local producers.

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