In 2023/24, Ukraine increased exports of wheat, rapeseed and oil

The new marketing season started on July 1, so it's time to take stock of the 2023/24 financial year. In total, in 2023/24, Ukraine exported 69.86 million tons of grain and oil crops, as well as vegetable oils.

 

In comparison with the previous season, exports increased in 2023/24 MR:

• wheat - by 9% to 18.43 million tons,
• corn - by 0.2% to 29.41 million tons,
• rapeseed - by 8.7% to 3.7 million tons,
• sunflower oil - by 22.8% to 6.54 million tons,
• sunflower meal - by 29.1% to 5.15 million tons,
• soybean meal - by 12.5% to 0.662 million tons.

 

At the same time, exports decreased:

• barley - by 8.5% to 2.48 million tons,
• soybeans - by 8.2% to 2.98 million tons,
• sunflower - by 86.3% to 324 thousand tons

 

A sharp reduction in sunflower exports indicates that Ukraine has resumed its processing within the country.

 

The export of goods in the 1st half of 2024 amounted to $19.5 billion, which almost corresponds to the similar indicator of 2023, although the physical volume of exports increased by 35% to 71 million tons. The stable amount of revenue with a much larger volume of deliveries is explained by a significant decrease prices for the main export goods.

 

The increase in logistics capacity also affected the volume of goods exports. If exports reached record levels in April and May, in June, compared to May, they decreased in volume by 20.2% to 9.7 million tons and in money by 18.4% to $2.7 billion, primarily due to completion of shipments of last year's crop.

 

Thus, in June, export volumes of the main TOP-10 goods decreased compared to May:

• corn - by 23.7%,
• wheat - by 40.8%,
• oil - by 37.8%,
• ores - by 1.5% to $239 million,
• poultry meat - by 3.5% to $79 million,
• flat rolled products - grew by 7% to $79 million,
• soybeans - grew by 45% to $66 million.

 

Imports in June also decreased compared to May by 5.6% to $4.8 billion, and in general in the first half of the year it reached $31.9 billion, which was 4.9% higher than in the first 6 months of 2023.

 

In order to stabilize the economy of Ukraine, the authorities should develop mechanisms to reduce imports and further increase the export of ore and metal, since in the new season the export of grain and oil crops will decrease somewhat.