This is reported by RBK-Ukraine with a reference to Taras Kachka, the Deputy Minister of Economy and Trade Representative of Ukraine. This information comes from Kontrakty.UA.
With the opening of navigation in ports, iron ore has surged to the top of export volumes, reaching 33.6 million tons, an increase of 89% compared to 2023. Revenue from this sector reached $2.8 billion, which is 58% higher than in 2023. The second largest export product is corn (29 million tons), showing a 12.3% increase in volume. However, revenue from this export rose only by 2.3% to $5.07 billion. This illustrates that a nominal increase in export volumes does not always equate to higher earnings," clarified the Deputy Minister.
Revenue from the export of key metallurgical goods grew by 52% for semi-finished products ($927 million), 38.9% for hot-rolled products ($809 million), 125% for pipes ($590 million), 6.1% for pig iron ($500 million), and 19.3% for bars ($156 million).
"Geographically, our exports are becoming increasingly EU-centric, which is logical. Exports to the EU increased by 5.9% to $24.7 billion. Among EU member states, the top five for exports are Poland ($4.7 billion), Spain ($2.8 billion), Germany ($2.8 billion), the Netherlands ($1.98 billion), and Italy ($1.93 billion). Notably, exports to Germany rose by 40.5%, while exports to Poland decreased by 1.1%," emphasized Kachka.
It is worth noting that due to increased transportation volumes, Ukrzaliznytsia reported a net profit of 1.7 billion UAH after three quarters of the year, with revenue rising to 78 billion UAH. At the same time, the company significantly raised operational costs, leading to an initiative to increase freight tariffs by 37%.
In response, the business community opposed this decision, as the consequences for the economy could be catastrophic: for instance, the Danube Shipping Company announced it would halt operations if tariffs were increased, and the ArcelorMittal Kryvyi Rih plant warned of the risk of closing down, affecting 20,000 jobs.