Growth after the fall: agricultural products provided positive dynamics for March exports
3 April 09:42
In March, Ukraine exported goods worth more than $3.6 billion, which is 4.5% more than in March last year and 18% more than in February this year. This was announced by Taras Kachka, Deputy Minister of Economy of Ukraine – Trade Representative of Ukraine, "Komersant Ukrainian" reports.
In total, according to preliminary data, in the first quarter of 2025, exports of goods reached almost $9.9 billion.
“Despite the decline in exports in the first two months of the year, we managed to achieve positive dynamics in March. A significant increase in exports in March compared to February this year was made possible by an increase in supplies of agricultural products, iron ore and metallurgical products,” the official explained.
Which products showed the best export dynamics
Exports of pig iron increased by more than 13.4 times or $110 million compared to February.
Exports of sunflower seeds increased by 11.5 times or $15.9 million in March.
The supply of sunflower cake increased by 80.3% or $35.8 mln.
Sunflower oil was exported by 39.2% more or $141.6 million.
Which products are the top export leaders in terms of value
In March, Ukrainian producers received the largest income from exports:
– corn – by $514.4 million or 2.4 million tons
– sunflower, safflower or cottonseed oil – by $503 million or 441 thousand tons
– wheat – by $253.9 million or 1.1 million tons;
– iron ore and concentrates – by $238.4 million or 2.9 million tons
– soybeans – by $150.2 million or 369.2 thousand tons;
– insulated wires – by $124.6 million or 6.5 thousand tons
– pig iron – by $118.9 million or 300.9 thousand tons.
Where did Ukrainian exports go?
Most of all, Ukrainian producers exported goods to:
– Poland ($407.7 million),
– Turkey ($294.3 million),
– Italy ($231.8 million),
– Germany ($196.3 million),
– China ($189.4 million),
– Spain ($185.7 million).
The European Union remains Ukraine’s key trading partner. In March, Ukraine exported $2.04 billion worth of goods to the EU, which is 6.1% more than in February.
March exports revealed an interesting feature
Despite the decline in the physical weight of Ukrainian exports, their monetary value is increasing.
Thus, in March last year, Ukraine exported almost 11.9 million tons worth $3.46 billion, and in March of this year – 9.9 million tons worth $3.62 billion.
“Thus, the share of goods with higher added value is gradually increasing, which means that the Ukrainian processing industry is successfully overcoming the obstacles to its development caused by the war and entering foreign markets,” emphasized Taras Kachka.
Why exports declined in the first two months of the year
The decline in exports in January-February was due to a decrease in stocks of agricultural products destined for the foreign market. This is stated in the Foreign Trade Monitoring of the Institute for Economic Studies.
The decline in exports is also due to the attacks on ports and infrastructure that Ukraine has experienced. Due to the hostilities, some Black Sea ports operated intermittently, which limited exports of grain, metal products, and other goods.
Exports of metallurgical products in February were down 18% year-on-year to $287 million, primarily due to a decline in iron ore and coking coal production. Steel mills were even forced to import some of their raw materials to maintain operations. Domestic demand for steel products also increased.
In addition, global prices for steel and metals remained volatile, which affected the profitability of exports and led to a decline in export prices.
The reasons for the decline in mineral exports are similar. For example, iron ore exports declined due to lower export prices than last year. In addition, the main export routes were disrupted by shelling and infrastructure damage.
