According to the Institute for Economic Research and Policy Consulting (IER) quoted by Ukrainian media on Tuesday, exports of goods from Ukraine decreased by 7% in June 2024 year-on-year to its all-time low of $2.77 billion since the beginning of this year.
IER’s foreign trade monitoring showed a drop of exports of agricultural products by 2% to $1.60 billion and a 12% increase of exports of specific products. Different exports developed in different ways. For example, corn exports rose by 21%, while wheat and oil exports fell by 32% and 5%, respectively.
A slump by more than 9% to $355 million year-on-year was demonstrated by exports of metallurgy products in June. As the IER said, higher energy costs and a change in the structure of exports probably caused this problem: the decline of exports of pig iron and certain types of rolled products was accompanied by the rise of exports of semi-finished and other products.
Meanwhile, a 33% surge was shown by exports of mineral products, especially iron ore, but they couldn’t surpass the results reached in January-April 2024.
According to the IER, the volume of iron ore exports in tonnes rose by 87% in June, though it was lower than in January-April 2024, due to the resumption of exports from the Odessa ports.
The increase of exports of mineral products reached only 33%.
Almost no changes were recorded concerning imports in June compared to May, but they grew up by12% year-on-year and attained $5.63 billion.
In specific sectors the rise of imports of machinery and equipment in June 2024 attained nearly 20% year-on-year (especially imports of drones, batteries, and generators), while lower import prices caused a slight fall of imports of vehicles in dollar terms.
Higher imports of coke and coal caused by the needs of the metallurgical industry, where steelmaking was ramped up, led to a soar by 16% year-on-year of imports of energy products.
It was accompanied by a drop of imports of chemical products and food products.
Imports of “other goods” (primarily purchased for the needs of the Ukrainian Armed Forces) grew up, which caused the import of as much as $752 million worth of goods under this category into Ukraine, compared to $400 million in the previous months of the year.
The IER reports the rise of imports of the electricity from $6 million in June 2023 to $78 million in June 2024, as well as batteries from $18 million a year earlier to $68 million in June 2024 due to the shortage of electric power.
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