Ukraine’s exports surge 17.5% year-on-year in August 2024

Ukraine’s export performance showed significant improvement in August 2024, with total exports reaching over $3.2 billion, marking a 6.4% increase from July and a remarkable 17.5% rise compared to August 2023, according to a report from the Ministry of Economy.

Rapeseed emerged as the top export commodity by value, generating $421.3 million in revenue. In terms of volume, iron ores and concentrates led the way with 2.5 million tons exported.

The agricultural sector continued to play a crucial role in Ukraine’s export success:

• Rapeseed: 878,900 tons worth $421.3 million
• Wheat: 2.24 million tons valued at $420.4 million
• Sunflower oil: 226,900 tons generating $203.1 million
• Corn: 774,500 tons worth $137.4 million
• Barley: 524,800 tons valued at $89.7 million
• Poultry meat: 39,900 tons bringing in $89.5 million

Industrial exports also showed strong performance:

• Iron ores and concentrates: 2.5 million tons worth $201.4 million
• Iron semi-finished products: 198,500 tons valued at $99.9 million
• Flat-rolled products: 139,700 tons generating $82.4 million
• Ferrous metal pipes: 38,000 tons worth $54.6 million

First Vice Prime Minister and Minister of Economy Yulia Svyrydenko highlighted that exports have grown for the second consecutive month, attributing this success to an early harvest start and improved maritime logistics. Maritime transport cargo turnover increased by 224,700 tons or 3.6% compared to July.

Svyrydenko emphasized Ukraine’s role as a global food security guarantor, noting that the country exported over 2.2 million tons of wheat in August, valued at $420.4 million. This marks the second-highest volume and value since the full-scale invasion began, following the record set in February 2024.

The positive export trends underscore Ukraine’s economic resilience and its vital role in global agricultural and industrial supply chains, despite ongoing challenges. Ukraine’s efforts to unblock its Black Sea ports have been vital in maintaining global agricultural exports, especially after Russia withdrew from the UN-brokered grain deal in July 2023. This deal, initially signed in 2022 in Istanbul, allowed for the safe passage of ships carrying Ukrainian grain, monitored by a Joint Coordination Center involving the UN, Türkiye, Ukraine, and Russia. However, following Russia’s exit and threats to target civilian vessels, Ukraine created its own grain corridor, attacking Russian fleet and forcing it to withdraw from Crimea.

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