In May 2024 Ukraine reached second highest level of exports of goods since full-scale war begun
In May 2024, Ukraine’s physical exports of products totaled 12.2 million tonnes, worth US$3.3 billion. This is the second-highest figure recorded since the start of Russia’s full-scale invasion.
Source: press service of Ukraine’s Ministry of Economy
Details: According to Taras Kachka, Ukraine’s Deputy Minister of Economy, May is generally the month when grain exports fall. Thus, maize exports in May totalled 3.6 million tonnes, 452,000 tonnes less than in April, while wheat exports totalled 1.6 million tonnes, 285,000 tonnes less.
Simultaneously, metallurgical exports rose significantly in May. Exports of seamless pipes climbed by 50.2% from April 2024, semi-finished items by 40%, and flat rolled products by 17%.
Quote: "And so it is important that on 31 May, Biden adopted a proclamation that extended the exemption of Ukrainian steel from duties. By the way, the EU's autonomous measures also provide for the exemption of Ukrainian steel from the protective duty in the EU. This gives us great opportunities for the integration of the Ukrainian metallurgical industry with the industry of the EU and the US," said Kachka.
The Ministry of Economy emphasises that export geography has shifted. Exports to Poland climbed by 12% compared to April, totaling US$365.8 million. Ukraine's exports to India have increased by 85%, with sunflower oil being the primary product. At the same time, exports to China fell by 30% due to a seasonal decline in maize shipments, Ukraine's primary export to the country.
"Despite the fact that last month physical exports of goods decreased by 6.9% compared to April, May was the second month in these indicators for the entire time of the full-scale invasion," adds Kachka.
Background:
- In May, Ukraine exported a record 108,000 tonnes of sugar, with 65% going to the EU and 35% to other countries.
- Ukraine must improve its processing sector in order to sustain agricultural capacity while also increasing efficiency and export capabilities.
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