Volga Baikal AGRO NEWS Update on Soybean Exports Duty !!!
The Ministry of Economy offered to introduce a 20 % duty on soybean exports until autumn – 2022.
The Ministry of Economy has proposed extending the export duty on soybeans from July 01, 2021, but changing its rate from 30% to 20%. The corresponding project was published on the official portal of regulatory legal acts. At the end of 2020, manufacturers, who complained of losses due to low domestic prices, approached the ministry with a proposal to introduce an export duty of 20%.
According to the project of the Ministry of Economy, it is proposed to set the export customs duty rate for soybeans at a rate of 20%, but not less than $ 100 per ton. The duty will be valid from July 01, 2021 up to August 31, 2022 inclusive.
The explanatory note to the project states that now Russian producers cannot fully satisfy the demand of the domestic market for soybeans and soybean meal. In this regard, it is planned to introduce a 20 % duty on the export of soybeans in order to “prevent an increase in consumer prices for food products”, as well as “maintain a balance in the domestic market for oilseeds, as well as products of their processing,” the document says.
Now the export duty on soybeans is 30%, but not less than € 165 per ton. The duty was introduced from February 1 to June 30, 2021.