Ukraine. Export results of 23/24 MY summarized

International trade in goods in 1H2024 is stable compared to 1H2023. Exports for the first 6 months of this year amounted to $19.5 billion and are identical to the figure for the first half of 2023. At the same time, the capacity for physical export volumes increased by 35% and amounted to 71 million tons for the half-year. This was announced on his Facebook page by Taras Kachka, Deputy Minister of Economy of Ukraine, Trade Representative of Ukraine.

According to him, there has been a significant correlation in prices for key export commodities over the year, which explains the phenomenon when the volume of exports by weight is much higher, but revenue remains stable.

“The increase in the capacity of trade routes has an interesting effect on the pace of exports by month.

After record-breaking April and May, exports in June amounted to USD 2.7 billion and 9.7 million tons, respectively. This is a significant reduction compared to May: minus 18.4% in money and minus 20.2% in volume,” said Taras Kachka.

In his opinion, the main reason for the decline in exports is the completion of last year’s harvest. Corn was exported by 23.7% less in June, wheat by 40.8% less, and oil by 37.8%. The top 10 export commodities remained stable: ore – 239 million tons (-1.5% compared to May), poultry – 79 million tons (-3.5% compared to May), flat products – 79 million tons (+7%), and soybeans – 66 million tons (+45%).

Imports in June were also down by 5.6% to USD 4.8 billion. And in the first half of the year, we imported goods worth $31.9 billion, which is 4.9% more than in the first half of last year.

“July 1 is also the beginning of the new marketing year for grains and oilseeds. It is time to summarize the results of the year 23/24,” reminded Taras Kachka.

“So, we exported 69.86 mln tons of grains, oilseeds and oils. Wheat exports amounted to 18.43 mln tons, which is 9 percent more than in 22/23. Corn exports amounted to 29.41 mln tons, up 0.2% compared to the previous marketing year. Barley – 2.48 million tons (minus 8.5%). Soybeans – 2.98 mln tons (minus 8.2% y-o-y). Rapeseed – 3.7 mln tons, up 8.7% compared to the previous marketing year.

Exports of sunflower oil amounted to 6.54 mln tons, up 22.8% year-on-year. During the year, 0.662 million tons of soybean meal (+12.5%) and 5.15 million tons of sunflower meal (+29.1%) were exported.

“Finally, we have a steep drop in exports, which is good news. In the last marketing year, we exported only 324 thousand tons of sunflower. This is -86.3%. That is, we are returning to the situation when sunflower is processed in Ukraine,” said Taras Kachka.

Tags: Ukraine, sunflower oil, corn, export, grain, barley, soybean, wheat, sunseed, rapeseed