Ukraine reduced exports to the EU by 9.7% y/y in the first half of the year

In January-June 2024, Ukraine reduced its exports to the European Union by 9.7% compared to the same period in 2023, to $10.97 billion. This was announced by Deputy Minister of Economy and Trade Representative of Ukraine Taras Kachka.

Exports to the EU decreased the most to neighboring countries:

• in Poland – by 25.7% y/y;
• Slovakia – by 21.3% y/y;
• Hungary – by 67.2% y/y;
• Romania – by 50.2% y/y.

At the same time, exports to Spain grew significantly – by 81.1% y/y, Italy – by 24.7% y/y, and the Netherlands – by 22.4% y/y.

«This is a perfectly normal correlation that allows us to clearly see trade with the EU without forced transit to third countries. This will allow us to resolve a number of problems that have accumulated in relations with neighboring countries. But even the existing problems show that over 22-24 years we have significantly reduced the range of “sensitive” goods in trade. Before the war, these were steel, which was subject to trade protection, and 36 categories of agricultural products that were subject to temporary liberalization – quotas,» Kachka said.

As part of the current phase of autonomous trade measures, the number of such sensitive products has been reduced to 7 – poultry, eggs, sugar, honey, corn, oats, and cereals.

As GMK Center reported earlier, the total exports of goods from Ukraine in January-June 2024 amounted to $19.5 billion, which is the same as in the same period of 2023. Physical export volumes increased by 35% y/y – to 71 mln tons. The top 10 export commodities remained stable: iron ore – 239 million (-1.5% m/m), poultry meat – 79 million (-3.5% m/m), flat products – 79 million (+7% m/m), soybeans – 66 million (+45% m/m).