Latest news Ukraine

Ukraine’s exports surge 13% to $ 41 billion as sea routes revive despite war damage

“Ukraine’s economic recovery gained momentum through revitalized sea routes, pushing exports up 13% despite Russia’s ongoing attacks on infrastructure. Maritime freight volumes jumped to 87.2 million tons, while EU trade remained strong at $24.5 billion.

byOlena Mukhina

30/12/2024

2 minute read

Ships await grain loading in Black Sea ports in July 2023. Photo: Ministry of Infrastructure

Ukraine’s exports surge 13% to $ 41 billion as sea routes revive despite war damage

The Ministry of Economy reported that Ukraine’s exports in 2024 reached $41 billion, a 13.4% increase compared to 2023.

Russia’s war in Ukraine has had a devastating impact on its economy, particularly affecting exports and overall economic stability. Since 2022, Ukraine’s GDP plummeted by nearly 30%, marking one of the most severe economic contractions in recent history. However, in 2023, the economy showed signs of resilience, with a real GDP growth rate estimated at 5.7%. Despite this recovery, the National Bank of Ukraine projects that it will take until 2030 for GDP to return to pre-war levels due to extensive damage to infrastructure and productive capacity.

First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko attributed this growth to the normalization of Ukraine’s seaport operations, with maritime freight volumes rising from 54.8 million tons in 2023 to 87.2 million tons in 2024.

Before the war, approximately 90% of Ukraine’s agricultural exports were shipped via its Black Sea ports. The Russian military blockade severely disrupted these exports, leading to a staggering over 90% drop in grain shipments during the initial months of the war.

“Despite challenges at the EU land borders, we exported $24.5 billion worth of goods to the EU this year—over $1 billion more than last year. This accounts for over 59% of our total exports,” stated Deputy Minister of Economy and Trade Representative Taras Kachka.

Key trade partners included China with $2.3 billion in export revenues, Türkiye with $2.1 billion, Egypt with $1.6 billion, India with $986 million, and Moldova with $935 million.

Metallurgical exports showed recovery in 2024, with significant incomes seen from iron semi-finished product exports, estimated at $927.5 million, such as hot-rolled steel, pipes, and pig iron.

Raw materials, including corn, wheat, iron ore, and soybeans, also accounted for a large share of export volumes. In industrial production, cable manufacturers stood out ($1.26 billion) alongside furniture producers ($460.6 million).

Kachka added that looking ahead, Ukraine will prioritize securing EU market access for sensitive agricultural goods such as corn, cereals, bran, honey, sugar, eggs, and poultry meat.

Read also:

You could close this page. Or you could join our community and help us produce more materials like this. We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!