Ukraine’s Agricultural Exports Levels in 2024

Ukraine's agricultural exports achieved a remarkable recovery in 2024, with volumes hitting 78.3 million tons and generating $24.5 billion in revenue. These exports now account for 59% of the nation’s total exports, cementing agriculture as a cornerstone of Ukraine’s economy. This figure is second only to the record-breaking year of 2021, when agricultural exports reached $27.7 billion, according to Minister of Agricultural Policy V. Koval.

Leading Commodities in Ukraine’s Agricultural Success

The year saw substantial contributions from key commodities. Sunflower oil emerged as the top export, with 6 million tons valued at $5.1 billion, making up 21% of agricultural export revenue. Corn followed closely, with exports reaching 29.6 million tons, earning $5 billion. Wheat came in third at 20.6 million tons, contributing $3.7 billion. Other notable exports included rapeseed, soybeans, barley, and oilcake, reflecting the diversity of Ukraine’s agricultural output.

December Export Trends: A Seasonal Slowdown

In December, Ukraine exported 5.5 million tons of agricultural products, an 11.1% drop compared to November. This decline marked the second consecutive monthly decrease, attributed to a mix of reduced stocks, farmer reluctance to sell amid rising prices, and typical seasonal adjustments. Grains like corn, wheat, and barley saw exports fall by 13%, reaching 3.6 million tons. Oilseeds dropped even further, down 28% to 580.6 thousand tons, with soybeans and rapeseed being the primary contributors.

Farmers Hold Back as Prices Fluctuate

The decrease in vegetable oil exports, particularly sunflower oil, was influenced by rising prices. Farmers delayed sales in anticipation of better market conditions, resulting in reduced oil production and exports. Despite this temporary dip, market insiders expect sunflower oil exports to recover as stock levels stabilize.

A Promising Yet Challenging Future

Ukraine’s agricultural exports have rebounded impressively, reflecting the resilience of its farmers and exporters. While December saw a seasonal slowdown, the country’s strong export infrastructure and global demand for key crops like corn and sunflower oil suggest a positive outlook. However, the market will closely monitor global trends and farmer strategies as the new year unfolds.

Click here to reach our trading platfrom CMBroker

[stc-subscribe