Ukraine has reached record exports thanks to agricultural products

Ukraine’s exports in monetary terms in October became a record for the whole of 2024.

According to the Ministry of Economy, Ukraine exported more than $3.8 billion worth of goods during the month, which is 18.7% more than in September of this year. In total, since the beginning of the year, according to preliminary data, exports of goods have reached almost $34.6 billion.

“A significant increase in exports in October was made possible by an increase in the supply of agricultural products. Thus, in October, exports of agricultural products increased by 32.3% in value and by 33.8% in weight. This allowed to increase the physical volume of exports to 10.9 million tons, which is 26.2% more than in September this year. In October, exports by sea grew by 28.2% in monetary terms and by 37.1% in weight,” said Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy of Ukraine.

She believes that, given the current dynamics of commodity exports, it is possible to predict with some caution that this year’s exports in monetary terms will exceed last year’s figures.

“Let me remind you that in 2023, it was $36.2 billion. In terms of physical volumes, we have already exported more in the first ten months of 2024 than in the whole of last year. This is a preliminary 110 million tons in total for 10 months of this year, compared to 100 million tons in 2023,” said Yulia Svyrydenko.

According to Taras Kachka, Deputy Minister of Economy and Trade Representative of Ukraine, Ukraine exported the following products in October:

• sunflower, safflower or cottonseed oil (by $447.2 million, or 481.3 thousand tons)
• corn (by $363.6 mln, or 1.9 mln tons)
• wheat (by $318.2 mln, or 1.6 mln tons);
• soybeans (by $260 million, or 675 thousand tons);
• rapeseed (by $239.2 million, or 476.3 thousand tons);
• iron ore and concentrates (by $166.8 million, or 2.5 million tons).

Ukrainian producers exported most of their goods to Poland, Germany, Spain, Italy, and Turkey.

Overall, in October, Ukraine exported $2.38 billion worth of goods to the EU (15.8% more than in September).

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Tags: corn, export, soybean, wheat, rapeseed, Ukraine, sunflower oil