Ukraine reduced revenue from ferrous metal exports by 44% in 11 months

The import of similar products during this period increased by 38.7%

In January-November 2023, Ukraine reduced its revenue from ferrous metal exports by 44.2% compared to the same period in 2022, to $2.43 billion. This is according to the State Customs Service, Interfax-Ukraine reports.

During this period, the relevant products accounted for 7.38% of total revenues from exports of goods, while in the first eleven months of 2022, the share was 10.7%.

In November, revenues from exports of ferrous metals amounted to $174.38 million, while in October – $175.87 million.

At the same time, Ukraine increased imports of similar products by 38.7% to $1.19 billion over 11 months 2023. In November, the country imported products worth $96.34 million.

Also, in January-November, Ukraine reduced exports of steel products by 16.4% year-on-year – to $821.83 million. In November, exports were worth $57.28 million. At the same time, imports of steel products increased by 40% y/y – to $828.39 million. In November, Ukraine supplied $105.35 million worth of these products.

A temporary corridor to and from the ports of Greater Odesa was launched in August 2023. In November, 14 vessels exported a total of 620 thousand tons of iron ore and 140 thousand tons of steel products from Odesa and Pivdenny ports.

In October, the Ukrainian steelmaker exported approximately 507 kt of iron ore (four bulk carriers from Pivdennyi) and 213.5 kt of steel products (two vessels from Odesa) through the ports of Greater Odesa.

As GMK Center reported earlier, in November 2023, Ukrainian steelmakers increased rolled steel production by 14.4% y-o-y – to 499 thousand tons. In January-November, Ukrainian steelmakers produced 4.86 million tons of rolled products, down 7.2% year-on-year.