Russian Wheat Exports Plummet Amid Black Sea Blockade

Russian wheat exports have plummeted to a 16-year low due to the blockade of Black Sea ports, according to estimates.

The estimated 2.2 million metric tons that will be shipped abroad in August is half as much as in August 2023 (4.5 million metric tons) and 56% below the average for this month over the past five years.

This marks the lowest export volume since 2010, when a government-imposed ban on grain exports due to drought resulted in an even lower figure.

The current blockage of all major grain ports on the Black Sea and the Sea of Azov has severely impacted the industry, with only the port of Tuapse remaining operational at a modest capacity of 250,000 metric tons per month.