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Russia, Kazakhstan and Belarus cut August sugar import duty

Reuters, 01.08.13

MOSCOW, Aug 1 (Reuters) - Russia, Kazakhstan and Belarus cut raw sugar import tariffs to $171 per tonne from August 1 following a fall in international prices, the regulatory commission of the three countries' Customs Union said in a note on Thursday.

The sugar duty imposed by Belarus, Russia and Kazakhstan - whose customs policies are aligned under a three nation customs union - is geared to global prices and calculated each month depending on fluctuations.

The tariff was set at $205 per tonne in May-July.

Raw sugar futures on ICE rose slightly on Thursday and remained near a three-year low of 15.93 cents per lb hit on July 16. Dealers said damaging frosts last week in Brazil and Argentina had helped prevent a further slide in prices.

Russia, formerly the world's top raw sugar importer, was expected to import more sugar during the 2013/14 marketing year as last year's drought led many farmers to switch away from sugar.

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