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Brazil beef exports to Russia soar

Brazilian beef exports soared last month, due mainly to a doubling in purchases by Russia, which has responded to international sanctions over Ukraine by banning imports from Europe and the United States.

RIO DE JANEIRO: Brazilian beef exports soared last month, due mainly to a doubling in purchases by Russia, which has responded to international sanctions over Ukraine by banning imports from Europe and the United States.

Brazil's Association of Meat Exporters said on Tuesday (Aug 12) that beef exports rose 19 per cent in July to US$692 million over the same period last year. Exports to Russia rose 113 per cent to US$181 million last month, compared to July 2013, it said.

The volume of meat exports to Russia also surged, rising 78.9 per cent during the month to 41,000 tonnes. Brazil exported 144,700 tonnes of beef in July, up 8.6 per cent from a year ago.

The United States and European Union nations slapped their most punishing round of sanctions against Russia at the end of July. Moscow responded a week later with a near total ban on food imports from those countries.