• 22/02/2024 15:31

Ukraine exported $35.9 billion last year, one of the lowest figures in a decade

At the end of 2023, export volumes in Ukraine increased and amounted to about 100 million tons of goods. This is 112 thousand tons more than in 2022. However, in value terms the figure fell by 18.7% or $35.8 billion. This is stated in the message of the Ministry of Economy.

Ukraine exported $35.9 billion last year. One of the lowest figures in a decade

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What is happening with exports

Despite the general decline in the export of Ukrainian goods, positive trends are observed in furniture market. Last year, compared to 2022, volumes grew by 11% and cash receipts by 7%. Also last year, Ukraine exported 1.7 times more sugar.

However, for most export items, the Ukrainian economy lost revenue in 2023. For example, the most widespread export product in terms of volume, corn, with a physical growth of 5% in money, brought 16.8% less than a year earlier. Last year, 26.2 million tons of this grain crop were exported from Ukraine.

“Export earnings last year reached one of the lowest levels in the last decade. This is an expected and objective result resulting from problems in logistics. We are slowly solving them. We have launched an alternative corridor in the Black Sea, we are developing river transportation on the Danube, negotiations continue with the Polish side on unblocking the border. Thanks to this, in December, for the first time in the second half of the year, we exported more than $3 billion. Also in December, we exported more than 10 million tons for the first time since March,” noted Minister of Economy of Ukraine Yulia Sviridenko.

According to her, through the joint efforts of the Ukrainian government and international partners, exports by sea are also growing. In December, compared to November, this figure increased by a third and amounted to 7 million 340 thousand tons of cargo.

In general, in 2023, Ukraine exported almost 1 million tons more by sea than in the past.

In addition to grain, other goods, including metal, are also exported via this route. After the launch of the alternative sea corridor, the export of products from this group increased. Thus, in December, compared to November, the export of semi-finished products increased by 40% and flat rolled products by 45.3%.

But exports by road continue to decline. The main reason is the Polish border blockade. In December, compared to November, the figure fell by 18.3%. But at the end of the year, the losses are insignificant – only -0.7%. To solve this problem, negotiations are ongoing at all levels.

Read: Polish farmers blocked the Medika-Shegini checkpoint

At the same time, Ukraine increased exports by container transport – +86% by rail and +36% by road. Now this is the most efficient mode of transport for value-added products.

Ukraine exported $35.9 billion last year. One of the lowest figures in a decade

What with imports

In contrast to exports, imports in monetary terms increased last year and amounted to $62.2 billion. Ukraine imported the most fuel for $7.8 billion, “miscellaneous” (not advertised) for $3.7 billion, medicines for $1.7 billion, UAVs for $681 million. Also in the top import positions are cars, fertilizers and plant protection products.

In addition, Yulia Sviridenko noted that last year in Ukraine there was a significant trade deficit in goods amounting to $26.4 billion. It was caused by two key factors – problems in logistics and defense needs in 2023.

    Economy

minfin.com.ua

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