Ukraine's agricultural sector marked significant growth with exports totaling $11 billion from January to July 2024, reflecting a 13% increase over the previous year's figures. According to the Ukrainian Grain Association, exporters specializing in sunflower oil earned $2.7 billion, albeit with a slight decline of 3% compared to last year. Meanwhile, corn exports saw profits of $2.4 billion, showcasing a remarkable 15% increase, and wheat exports nearly reached $2.1 billion, jumping 40% from the prior year.
Simultaneously, the steel industry also reported notable gains. Statistics from GMK Center reveal Ukrainian metallurgical companies boosted their exports of long steel products by 15.4% year-over-year and 14.8% month-over-month, amounting to nearly 50,000 tons by the end of January 2025. This growth can be attributed to the high demand from key international markets.
The cargo included carbon steel bars and rods, which accounted for the most substantial volume of exports. Specifically, 18,350 tons of these products were shipped, marking astonishing increases of 168.6% year-over-year and 80.7% month-over-month. Moldova stood out as the primary destination, receiving 11,730 tons of Ukrainian steel.
Further shipments included 13,830 tons of hot-rolled rods, which saw a slight decline of 1.2% year-over-year. The bulk of these hot-rolled products found their way to Romania, where 8,080 tons were delivered. Carbon steel wire exports totaled 12,550 tons, though this segment experienced a 9.2% decline compared to last year's figures.
Despite fluctuations, the revenue for Ukrainian exporters from long steel products hit $35.19 million for January 2025, reflecting a 12.8% month-over-month increase but only marginally decreasing by 0.1% year-over-year.
Digging back to 2024, Ukraine had recorded growth of 17.3% for long steel export, totaling 613,730 tons—up from 523,340 tons the previous year. Notably, over 42% of the total long steel export was from hot-rolled shapes, representing 258,330 tons, which corresponds to a 23% year-over-year increment. Overall, the currency income from long steel exports increased by 15.1%, reaching $452.18 million.
The dual progress of agricultural and steel product exports not only indicates growing demand but also signifies resilience and recovery within Ukraine's economy post-conflict. These factors are poised to propel Ukraine forward as it navigates the complex international trade environment.
This blend of agricultural and steel export growth positions Ukraine favorably within global markets, contributing to its economic reinvigoration efforts. With sustained demand and strategic partnerships, the outlook remains hopeful for the future.