Ukraine increased its exports of goods by 18.7% m/m in October

It became a record for 2024, reaching more than $3.8 billion in cash equivalent in the period under review

In October this year, Ukraine exported a record volume of goods worth $3.8 billion, which is 18.7% more than in the previous month. This is stated in the report of the Ministry of Economy.

According to First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko, a significant increase in exports in October was made possible by an increase in the supply of agricultural products (+32.3% month-on-month in monetary terms, +33.8% month-on-month in weight).

“This allowed us to increase physical export volumes to 10.9 mln tons, which is 26.2% more than in September this year. We owe these achievements to our defenders who ensure the operation of the sea corridor despite the threats from the enemy. In October, exports by sea grew by 28.2% in monetary terms and by 37.1% in weight,” she said.

According to Taras Kachka, Deputy Minister of Economy and Trade Representative of Ukraine, iron ore and concentrates (2.5 million tons, $166.8 million) were among the most valuable commodities exported by Ukraine in October.

Ukrainian producers shipped most of their goods to Poland, Germany, Spain, Italy and Turkey. Overall, in October of this year, Ukraine increased its exports to the EU by 15.8% month-on-month to $2.38 billion.

“The Qxporters have the most favorable conditions for access to European markets and integration of Ukrainian producers into European value chains,” said Taras Kachka.

According to preliminary data from the Ministry of Economy, since the beginning of the year, Ukraine’s exports of goods have totaled almost $34.6 billion.

“Given the current dynamics of commodity exports, we can 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 at the level of $36.2 billion,” Svyrydenko said.

According to the Minister of Economy, in ten months of this year, Ukraine has already exported more goods than in the whole of last year – 110 million tons compared to 100 million tons in 2023.

In the first nine months of this year, the Export Credit Agency of Ukraine supported exports worth UAH 5.7 billion. This is almost UAH 2.6 billion, or 1.8 times more than in the same period last year.