By Abbas Nazil
Ukraine’s export economy saw a significant resurgence in 2024, with a 13 percent increase in value and a 29 percent rise in tonnage compared to the previous year.
According to data released by Ukraine’s Ministry of Economy, the war-torn nation exported 129 million tons of goods worth $41 billion, surpassing 2023’s figures of 100 million tons valued at $36.1 billion. The revival of maritime trade was a central factor in this recovery.
The normalization of seaport operations played a pivotal role in boosting exports despite ongoing threats from Russian attacks in the Black Sea.
Maritime exports soared from 55 million tons in 2023 to 87 million tons in 2024, underscoring the resilience of Ukraine’s export infrastructure and the strategic importance of its shipping capabilities.
“The normalization of our seaport operations was key,” stated Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economy.
Agriculture remained the backbone of Ukraine’s export economy, with sunflower oil emerging as the most valuable commodity, generating over $5 billion in revenue. Corn followed closely, contributing $4.9 billion to the export total.
The European Union maintained its position as Ukraine’s leading trading partner, accounting for 60% of exports, valued at $24.5 billion.
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Meanwhile, China, Turkey, and Egypt were notable trade destinations, with goods worth $2.3 billion, $2.1 billion, and $1.6 billion shipped to these countries, respectively.
Despite the devastation inflicted on Ukraine’s industrial sector by the ongoing conflict, certain segments of the economy showed remarkable resilience.
Semi-finished iron products earned $927 million, while hot-rolled products brought in $802 million.
Cable manufacturing also contributed significantly to the export economy, with goods worth $1.26 billion shipped globally.
Land-based trade also adapted to shifting dynamics. While road transport volume declined, the value of goods transported by truck rose to $14.5 billion, reflecting a pivot toward higher-value commodities.
Improved connectivity with European Union markets through landside infrastructure further bolstered Ukraine’s trade recovery.
This strong performance in 2024 reflects Ukraine’s ability to sustain its export economy under extraordinary circumstances, leveraging maritime trade and strategic partnerships to stabilize and rebuild amid ongoing challenges. END
Source: The Maritime Executive
