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Economy ministry doubts grain export duty will be canceled in 2012

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Sept. 12, 2011, 6:07 p.m. | Business — by Interfax-Ukraine
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The Ukrainian government is unlikely to cancel grain export duties in 2012, according to Serhiy Chekashkin, the director of the Economic Development and Trade Ministry's financial policy department. "Our position [on the cancellation of the duty] is unlikely to be backed," he said during a roundtable meeting on Sept. 12.

According to him, a reduction in or lifting of the duty on grain would have a positive impact on exports and the balance of payments.

"The major complication is connected with the fact that imports are growing faster than exports. Most likely, the same trend will remain next year. The budget [for 2012] is being drawn up on the basis of the low-case scenario," he added.

As reported, Ukraine introduced grain export duties for the period of July 1, 2011 through January 1, 2012: 9% on the export of wheat, but not less than EUR 17 per tonne of wheat, 12% on the export of maize, but not less than EUR 20 per tonne of maize, and 14% on the export of barley, but not less than EUR 23 per tonne.
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