Corn became Ukraine’s main export commodity in 2023

In 2023, Ukraine reduced its exports by 18.7% to $35.8 billion compared to the previous year, which is one of the lowest figures of the last decade, First Vice Prime Minister and Minister of Economy Yulia Svyrydenko said on her Facebook page.

Exports of corn, the main commodity by volume, increased by 5% to 26.2 million tons, but revenue for it decreased by 16.8%. The average price of Ukrainian corn was $188 per ton, while the average world price was $227 per ton. This difference is a discount due to logistical difficulties and the flow of profits to neighboring Poland and Romania, where a significant portion of Ukrainian grain is resold.

According to Svyrydenko, logistics remains the key to Ukrainian exports. Despite all the difficulties, Ukraine increased its exports of goods in 2023 compared to 2022 by 112 thousand tons to 99.8 million tons. In the second half of the year, exports exceeded $3 billion for the first time in value and amounted to $3.148 billion, and exceeded 10 million tons in weight and reached 10.399 million tons. This was achieved due to an increase in sea deliveries in December compared to November by 30.7% to 7.34 million tons. In total, in 2023, sea exports exceeded 2022 by 1 million tons. As the new corridor allows shipping not only grain, exports of metal and semi-finished products increased by 40% in December, and flat products by 45.3%.

At the same time, exports by road decreased by 18.3% in December due to the blockade of the border with Poland, but only by 0.7% for the year as a whole,” the head of the Ministry of Economy said.

“Exports by container transportation, which is the most acceptable for value-added products, also grew by 86%.

In 2024, Ukraine plans to restore export volumes to the level of 2021, cover export logistics with air defense systems, and open alternative export routes to avoid complications.

According to the Ministry of Economy, exports of goods and services will grow by 9% in 2024, by 19.4% in 2025, and by 20.6% in 2026.

Tags: Ukraine, corn, export