Physical volumes decreased by 6.9% compared to April, and the value of exports decreased by 0.5%

Exports of goods from Ukraine in May 2024 reached 12.2 million tons, worth $3.34 billion. Physical volumes decreased by 6.9% compared to April, while the value of exports decreased by 0.5%. This was reported by Ukraine’s trade representative Taras Kachka on his Facebook page.

“This is primarily due to the fact that in May, exports of grain products from last year’s harvest traditionally decrease. Thus, in May this year, we exported 452 thousand tons of corn less than in April (3.6 million tons) and 285 thousand tons less of wheat (1.6 million tons),” he said.

At the same time, Taras Kachka notes a historic increase in exports of metallurgical products, including semi-finished products – 184 thousand tons (+40% m/m), flat products – 117 thousand tons (+17% m/m) and seamless pipes – 51 thousand tons (+50.2% m/m).

“That is why it is so important that on May 31, President Biden issued a proclamation extending the Article 232 duty exemption for Ukrainian steel. The exemption also applies to steel made in the EU from Ukrainian raw materials. By the way, the EU’s autonomous measures also provide for the exemption of Ukrainian steel from EU safeguard duties. This gives us great opportunities to integrate the Ukrainian mining and metals industry with the EU and US. This component of our trade policy is extremely important,” added the Ukrainian trade representative.

In May, Ukraine exported 8.5 million tons of cargo by sea, down 1 million tons from April. Exports by road increased by 10.7% m/m – to 896 thousand tons.

Exports to the EU increased by 1.7% m/m to $1.87 billion over the month, including 12% m/m – to Poland, to $365.8 million. Deliveries to China in May fell by 30% m/m to $256 mln, as corn is the main export commodity for the Chinese market. On the other hand, exports to India increased by 85% m/m – to $148 mln.

In May, imports decreased by 7% compared to April and amounted to $5.1 bln.

As GMK Center reported earlier, in 2023, Ukraine’s trade turnover amounted to $99.4 billion. In particular, the country imported $63.5 billion worth of goods and exported $36 billion. Taxed imports amounted to $52.6 billion, which is 83% of the total volume of imported goods. The largest share of imports was accounted for by machinery, equipment and transport ($19.8 billion), and exports were food products ($21.8 billion).