Russia's March seaborne grain exports fell 58 per cent to 2.3m tonnes

Russia's seaborne grain exports dropped by 58 per cent year-on-year in March, falling to 2.3 million tonnes, according to shipping data from industry sources released on Friday.

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 of last year. However, the introduction of export quotas in February led to a sharp decline in exports.

Total seaborne exports have exceeded 40 million tonnes this season, which is a 10.5 per cent decrease compared to the previous year, according to the data.

For the entire 2024/2025 season, Russia's grain exports are expected to fall by one-fifth from the previous season's record, reaching 55-57 million tonnes, due to a harvest affected by bad weather, according to the Agriculture Ministry.

Exports from Black Sea terminals, which supply Russia's traditional customers in the Middle East, dropped by 56.1 per cent to almost 2.2 million tonnes.

Exports through the Caspian Sea, primarily targeting Iran, were almost halted in March, reaching only 1.2 million tonnes, a 99.8 per cent decrease compared to March 2024, the data showed.

Grain exports from Baltic Sea terminals, which serve new markets for Russian grain, including West Africa and Latin America, increased by one per cent in March, 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 Gleb Bryanski)