US becomes second largest grain seller in EU
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In July, the EU raised import taxes on cereals, oilseeds, and processed products from Russia and Belarus, causing imports to fall to 2.9 million euros ($3 million).
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A dump truck unloads grain in a granary in the village of Zghurivka, Ukraine, on August 9, 2022. (AP)
In September, the United States was ranked as the second-largest grain supplier to the European Union in terms of dollar value, despite the EU's imposition of higher tariffs on Russian imports, according to calculations by RIA Novosti using data from the European Statistical Office (Eurostat).
Earlier in July, the EU increased import taxes on cereals, oilseeds, and processed products from Russia and Belarus. As a result, imports from these countries dropped to 2.9 million euros ($3 million) in July but rebounded to 3.7 million euros by August.
Since then, EU imports of grain from overseas have increased by 6.6%. Ukraine emerged as the largest contributor, making up more than a third of the EU’s grain imports, valued at 234.9 million euros.
Meanwhile, the United States saw a significant jump, moving from fourth place in August to second place in September, accounting for more than 18% of the EU’s grain imports, worth 132.3 million euros. It was followed by Brazil, which contributed 13.5%, while Pakistan and Thailand accounted for 4.3% and 4.1%, respectively.
Putin supports inter BRICS grain exchange to offset speculation
Back in March, Russia's President Vladimir Putin expressed his support for an initiative to create a grain exchange within the BRICS bloc and said speculative trading affects prices and consumers.
"All these exchange indices are formed either in the United States or in Europe, in Paris. I do not know, how much grain do the French produce? I think less than we do. And traditionally, stock the exchange index is formed there. Of course, this is unfair, because from here it affects pricing. Your idea (the initiative in question) is very good," Putin said at a meeting with representatives of the agricultural-industrial sector.
Since there are countries in BRICS that produce and buy grain, they might be interested in creating such an exchange, the Russian President stated, as he highlighted the effects of speculative trading on grain prices.
"Especially since these things of a speculative nature, of course, affect consumers in the end. And this is a problem. And these are problems that all governments are trying to solve," Putin said.
"We will definitely work on [a BRICS grain exchange] with our partners," he revealed.
