MOSCOW (Pakistan Point News / Sputnik - 01st November, 2022) Russian wheat exports began to grow in October for the first time since the start of the grain deal and the positive dynamics of shipments may continue in the coming months, analytics director at the Russian Grain Union, Elena Tyurina, told RIA Novosti on Tuesday.
"October was the first month since the start of the grain deal, when wheat shipments began to grow, compared to the same period last year (wheat exports) increased by 47% to 5.4 million tonnes. Since July 22, we have observed a sharp, almost doubling drop in exports to Turkey, which purchased Ukrainian grain at a low price, in August and September in annual terms. However, wheat shipments from Russia to Turkey have increased by 2.25 times to more than 900,000 tonnes since October," Tyurina said.
The expert noted that exports will further grow, taking into account the October results. Shipments through the Russian city of Novorossiysk have increased by 44%, through Rostov-on-Don by 20% and almost doubled through Azov and Tuapse.
Tyurina specified that exports are on the rise despite the fact that problems with logistics, including high freight costs and unresolved insurance issues, still remain.
In October, Russia increased wheat exports to Saudi Arabia by 60% and to Bangladesh 540%, as well as to a number of African countries, including to Egypt by 39%, to Sudan by 470% and to Benin by 420%. In addition, 350,000 tonnes were delivered to Algeria, who gave up European wheat, the expert added.
Russia quit the UN- and Turkey-brokered grain shipping deal on Saturday after its Black Sea naval ships and civil vessels were attacked in a drone strike that it said was coordinated by the United Kingdom. Global wheat prices rose by 6% on Monday following Russia's withdrawal from the deal.
