The war that began in 2022 significantly affected Ukrainian grain exports, which suffered significant losses during 2023. However, thanks to the «grain initiative» signed in July 2023 and the active use of alternative export routes, it was possible to restore and increase the supply of Ukrainian grain to the world market.
As of March 5, 2024, 29.95 million tons of grain were exported from Ukraine, which is 42% less than in the same period of 2023. However, the dynamics of exports shows steady growth: in the last 6 months of 2023, export volumes increased by 78%.
The main export crops remain corn (49%), wheat (35%) and barley (10%). The geography of exports has also changed: Romania, Turkey, Egypt, China and Spain remain the main importers of Ukrainian grain, but the share of other countries, such as Poland, Hungary and the Baltic states, is increasing.
An important factor stimulating exports is the rise in prices on the world market. The war and the demand for Ukrainian grain led to a significant increase in prices, which makes exports profitable for Ukrainian producers.
It is expected that grain exports from Ukraine will continue to grow in 2024. According to forecasts of the Ministry of Agrarian Policy and Food of Ukraine, exports may reach 40 million tons.
The recovery of grain exports is important for the Ukrainian economy. This not only provides an opportunity to receive foreign exchange earnings, but also stimulates the development of agriculture, which is one of the key branches of the Ukrainian economy.
