Russia Grain Exports Plummet 63%

Russia's seaborne grain exports fell to 2.1 million metric tons in May, a fall of 62.9% compared to the same month of 2024, according to shipping data from industry sources released on Monday.

Russia, the world's leading wheat exporter, shipped grain to global markets at a record pace during the first part of the 2024/25 marketing season, which began on July 1 last year. However, the introduction of export quotas in February resulted in a sharp decline in exports.

Total seaborne exports have reached 44.6 million tons so far this season, down 27.7% year-on-year, according to the data.

Exports via Black Sea terminals decreased by 63% year-on-year to 1.9 million tons in May. Exports through the Caspian Sea, a route primarily serving Iran, were completely stopped in April and did not resume in May.

Grain exports from Baltic Sea terminals, which supply Russian grain to new markets including in Africa and Latin America, decreased by 43.7% in May to 0.09 million metric tons, according to the data.

Seaborne exports accounted for about 90% of Russia's total grain exports last season. Last year, Russia exported about 62 million tons of grain through its sea terminals, according to analysts' estimates.

(Reuters)