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EconomyBananas - a "socially important product" in Russia

Bananas – a “socially important product” in Russia

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In addition, the protocol states a temporary reset of the tariff rate for bananas

Bananas may become a “socially important product” in Russia, and import duties may be temporarily removed, the “Izvestia” newspaper reports, referring to the minutes of a meeting of the Russian government commission on economic development, chaired by the minister of economic development Maxim Reshetnikov.

“The Ministry of Economic Development to ensure the study of the issue of the possibility of classifying bananas as a socially significant commodity under the working group on customs regulation and countermeasures in foreign trade,” said the document, which is available to the publication approved by First Deputy Prime Minister Andrey Belousov.

In addition, the protocol states a temporary reset of the customs rate for bananas, which is now 4%, but not less than 0.015 euros per 1 kg. Imports of bananas to the Russian Federation in recent years amounted to 1.3-1.5 million tons per year, and Ecuador is one of the largest suppliers. However, as the publication notes, its supply to the Russian Federation in 2022 has decreased by 4.54 million boxes (each – 18.14 kg), which provoked an increase in retail prices of bananas.

“Rospotrebnadzor is considering a proposal to classify bananas as a socially significant commodity. This proposal is currently being developed,” the ministry explained.

Photo by Aleksandar Pasaric: https://www.pexels.com/photo/copy-space-photo-of-yellow-bananas-2872755/

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