Russian seaborne grain exports plunge in May

Russia's seaborne grain exports fell to 2.1 million tonnes in May, a fall of 62.9 per cent 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 tonnes so far this season, down 27.7 per cent year-on-year, according to the data.

Exports via Black Sea terminals decreased by 63 per cent year-on-year to 1.9 million tonnes 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 per cent in May to 0.09 million tonnes, according to the data.

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

(Reporting by Gleb Stolyarov; Editing by Mark Trevelyan)