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Trade Trends News
14-12-2023
Russia's imports of 1.2 billion eggs will be exempted from customs duties for the first six months of 2024 to help control prices as supplies run low in some stores, the Economy Ministry said on Wednesday.
Egg prices have risen by more than 40 percent so far this year, and egg aisles in some Moscow supermarkets have been empty for the past week. Eggs are still widely available online, but not all stores have been affected.
The ministry said, "This decision will help balance the domestic egg market in the short term and ensure supply growth." The measure will be implemented from January 1st to June 30th.
Imports are likely to come from "friendly countries", i.e. those that have not imposed sanctions on Russia as a result of the conflict in Ukraine, the report said. The Ministry of Agriculture said the imported supplies would help stabilize prices.
Russia has been grappling with stubbornly high inflation since a double-digit rise in 2022. Egg prices have risen 42.4 percent since the start of the year, according to federal statistics service Rosstat.
In the southern city of Belgorod, shoppers lined up at the market to buy eggs, with 10 eggs selling for 65 rubles ($0.72) compared with more than 150 rubles ($1.67) at supermarkets, according to journalists.
Natalia Chernovolova, a resident of Valuyki, Belgorod region, said prices of more than 150 rubles or so were too high for her.
"I have to look for other options, cheaper options," she said. "Because we need eggs not only for the New Year and for making holiday salads, but also for our daily diet."
Some Belgorod residents have been stocking up on eggs and selling them at higher prices to try to reassure people that supplies are plentiful, said Yulia Serdina, the region's deputy governor.
"There is no shortage of supply," Serdina wrote on Telegram earlier this week. "There is no need to create an artificial frenzy."
Egg production fell 1.3 percent year-on-year in October, said Andrei Sizov of Sovecon Agricultural Consulting. Faced with higher prices, some consumers are switching from chicken to eggs as a source of protein, which may have exacerbated the decline in supply, he said.
Russia's Prosecutor General's Office said last week it had met with several federal agencies to discuss egg prices and promised to curb unjustified price increases.
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