Ukrainian Deputy Economy Minister and Trade Representative Taras Kachka posted on social media that Ukraine’s international trade in goods remained stable in January-June 2024 compared to the same period in 2023, as the country has exported $19.5 billion worth of goods in H1 this year, which is equal to last year’s figure.
He has also mentioned the rise of the ability of physical export volumes from 35% to 71 million tonnes. Kachka has highlighted a substantial correlation of prices for the main export goods over the past year, which explains the phenomenon of the rise of the volume of exports in weight and the stability of revenue.
Kachka mentioned an interesting effect that the increased throughput capacity of trade routes has on export rates month by month. Exports set all-time highs in April and May, but they dropped by 18.4% in monetary terms and by 20.2% in volume in June ($2.7 billion and 9.7 million tonnes in total).
Such a decline in exports was mainly caused by the completion of the export of crops last year. The export of corn dropped by 23.7% in June, wheat by 40.8%, and oil by 37.8%.
Meanwhile, the top 10 export goods that remained stable are ore (239 million, 1.5% down against May), poultry meat (79 million, 3.5% down against May), flat-rolled steel (79 million, 7% up), soybeans (66 million, 45% up).
Kachka also reported the decrease of imports by 5.6% in June ($4.8 billion).
However, $31.9 billion worth of goods were imported by Ukraine in the first half of 2024 (4.9% more year-on-year).
The Minister suggested summarizing the results of the 2023-2024 MY, as a new marketing year (MY) for grains and oil seeds began on July 1.
He reported that 69.86 million tonnes of grains and oilseeds, as well as oils, were exported by Ukraine.
He said that wheat exports rose by 9% as compared to the 2022-2023 MYand totaled 18.43 million tonnes. Corn exports grew up by 0.2% from the previous marketing year and stood at 29.41 million tonnes. Barley lowered by 8.5% to 2.48 million tonnes. Soybeans decreased by 8.2% to 2.98 million tonnes year-on-year. Rapeseed increased by 8.7% to 3.7 million tonnes. Sunflower oil rose by 22.8% to 6.54 million tonnes. Soybean meal increased by 12.5% to 0.662 million tonnes, and sunflower meal grew up by 29.1% to 5.15 million tonnes.
Pleasing drastic drop in exports was also highlighted by Kachka.
According to the data, only 324,000 tonnes of sunflower (86.3% down year-on-year) were exported by Ukraine in the previous marketing year, which means that the situation when sunflower is processed in Ukraine is coming back.
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