Apr 18, 2024 (MENAFN via COMTEX) --
(MENAFN) In a surprising turn of events, Latvia has significantly escalated its procurement of grain from Russia during the first quarter of 2024, as disclosed by the state revenue service in Riga. This development comes in the wake of Latvia's recent imposition of a ban on certain Russian imports, albeit with exemptions for two vital products. Despite being vocal proponents of European Union sanctions against Russian grain, particularly in light of the ongoing conflict in Ukraine, Latvia has witnessed a substantial surge in agricultural imports from Russia, marking an uptick of nearly 40% compared to the same period in 2023.
According to data released by the Latvian customs agency to the Baltic News Service, the volume of grain imported into the country totaled 158,325 tons in the first three months of the year, predominantly comprising corn. This influx represents a notable increase from the previous year, with the value of imports estimated at over EUR27 million (USD29 million).
Alongside corn, Latvia imported significant quantities of rye and wheat, with rye imports witnessing a staggering 70 percent rise year-on-year, while corn imports surged by 26.5 percent.
Despite the substantial inflow of Russian grain, authorities in Riga are yet to ascertain the distribution of these imports between domestic consumption and exports to other European Union member states. Given Latvia's modest population of 1.88 million, the likelihood of extensive domestic consumption remains improbable, raising questions about the destination of the imported grain.
Furthermore, Latvia served as a transit hub for a considerable volume of Russian grain destined for other countries during the first quarter of 2024, marking a notable increase of 78.9 percent compared to the same period in 2023. This transit underscores Latvia's integral role in facilitating the movement of agricultural commodities within the region.
In February, the Latvian parliament took a firm stance against Russia and Belarus by imposing a ban on the importation of animal feed, demonstrating solidarity with Ukraine amidst geopolitical tensions. However, this ban notably excluded two crucial products, suggesting a delicate balance between diplomatic posturing and economic pragmatism in Latvia's approach to international trade dynamics.
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COMTEX_451050747/2604/2024-04-18T17:15:08
