Ukraine Export Statistics 2023 – 18 Key Figures
Ukraine’s Export Statistics allow people all over the world to know its situation despite the invasion of Russia.
In this article, we will tell you the figures regarding Ukraine’s export statistics amidst the ongoing war. We will discuss the relevant factors regarding Ukraine’s export that will let you know more about its situation.
Once you finish reading this article, you will have in-depth knowledge about the factors that are affecting Ukraine’s export currently. You will also know how war can severely impact other countries.
The Two Fundamental “Fs”of Commodity Markets
Many experts are concerned about the two fundamental ‘Fs’ in the market which are fuels and foods. Ukraine and Russia are global players in the agri-food markets as they represent 53% of global trade in sunflower seeds and oils and 27% in wheat.
The rapid escalation of the situation is alarming for developing countries. Additionally, many African countries, including the least developed countries, import more than one-third of their wheat from the two countries at war.
According to UNCTAD, more than 5% of the poorest countries’ import baskets consist of products that are likely to face a price hike due to the war.
The risk of food shortages, civil unrest, and inflation-induced recessions is likely to happen due to the fragile state of the global economy and developing world because of COVID-19 and the war between Russia and Ukraine.
Shortages and Supply Chain Disruptions
The food crisis is the most alarming concern because of the war between Ukraine and Russia. The prices of wheat and other grains have skyrocketed already.
In a 2019 report, the combined exports of Russia and Ukraine accounted for 25% of the world’s wheat exports and 14% of corn shipments. Many countries are dependent on these flows like the Republic of Congo which relies on imports from the Black Sea region for 67% of the wheat it consumes.
After food prices soared, energy prices also increased. Russia is one of the world’s biggest energy suppliers as it provides 14% of its crude oil and 9% of its natural gas globally.
Additionally, the war and sanctions imposed have severed key transport links between Russia and Ukraine and the rest of the world which disrupt the trade broadly.
Disruptions to the supply chain have caused input shortages and price hikes. Export restrictions reduced the global supply while import liberalization measures and subsidies increased the demand.
The huge possible risk is the disruption to the production or transportation of seeds and grains from Russia and Ukraine.
Alongside higher prices due to food trade disruption, it could cause increased hunger and food insecurity, especially for low-income countries.
What Might be The Long-Term Effects of The WarBetween Russia and Ukraine?
Many experts fear that the war may weaken the engine of growth and development through globalization. The analysis of the World Bank shows that many firms will reassess geopolitical risks and may move production away from countries they may find riskier in doing business with.
However, given the capital of firms, the cost of searching for alternatives will likely be a slow process rather than a sudden change. Thus, it will not result in a reversal of globalization unless it is supported by governments around the world.
The big risks come from policies that aim at fragmenting the trading system rather than defusing the tensions and strengthening global value chains against future disruptions.
Ukraine Export Statistical Figures in 2023 That You Should Know
1. According to Trade Economics, Exports in Ukraine increased to 3830.60 USD Million in November from 3797.10 USD Million in October of 2022.
2. In the latest reports, Ukraine’s Total Exports dropped 37.7 % YoY in Oct 2022
3. The Black Sea Grain Initiative was extended on November 17 continuing to allow Ukraine to export out of 3 of their seaports for another 120 days.
4. According to a report, Ukraine has exported almost 26.3 million tonnes of grain so far in the 2022/23 season, down from the 37.9 million tonnes exported by the same stage of the previous season.
5. In the same report, the ministry said grain exports so far in January had reached 3.5 million tonnes as of Jan. 30, down from 5.5 million tonnes in the same period last year.
6. The ministry has seen a decrease in exports by almost 30% compared to the previous months.
7. Ukraine’s grain output is likely to drop to about 51 million tonnes in 2022 from a record 86 million tonnes in 2021.
8. According to a report, Total trade in goods and services (exports plus imports) between the UK and Ukraine was £1.9 billion, in current prices, in the four quarters to the end of Q3 2022, an increase of 1.7% or £31 million from the four quarters to the end of Q3 2021.
9. As of January 2023, over 18 million tonnes of grain and other foodstuffs have been exported due to the Black Sea Grain Initiative.
10. A report by Consilium showed that 65% of wheat exported through the Black Sea Grain Initiative reached developing countries.
11. In the same report, Maize is exported almost equally to developed and developing countries.
12. Russia’s invasion of Ukraine has caused a significant increase in food prices in global markets. The prices of grains have risen particularly sharply.
13. Solidarity lanes and the Black Sea Grain Initiative have helped the prices to decrease.
14. The main exports of Ukraine are ferrous metals and metal products, engines, transport and mechanical equipment, chemicals, and vehicles.
15. In 2023, market participants agree that Ukraine’s corn exports will be limited by the frequency of ships visiting its ports rather than its farmers’ ability to produce the grain.
16. China has remained the largest single destination for shipment of Ukraine corn under the Black Sea Grain Initiative, but its share of the total has shrunk, with Spain and Italy became the most conspicuous buyers.
17. Ukraine’s corn and wheat exports have almost returned to seasonal-average levels since the summer of 2022, when Ukraine, Russia, Turkey, and the United Nations signed the Black Sea Grain Initiative to reopen Black Sea routes.
18. In the 2022/23 marketing year, Ukraine is projected to export only 13.0 million metric tons (MMT) of wheat and 20.5 MMT of corn, down 31 and 24 percent from 2021/22, respectively.
Frequentlyasked questions
+ What are Ukraine’s Export Statistics?
The export statistics of Ukraine will show you the performance of its exports amidst the war.
+ What is the importance of the Black Sea to Russia and Ukraine?
The Black Sea is an important crossroads and strategic intersection for both Russia and Ukraine.
+ How can war affect globalization?
The war may weaken globalization as many firms will reassess geopolitical risks in the years to come.
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