Ukraine's October exports hit their highest level in 2024: Economy Ministry reveals reasons

Ukraine set an annual record for exports of goods in October 2024, supplying products worth US£3.8 billion, which is 18.7% more than in September. Source: Ukraine's Economy Ministry Details: The ministry noted that total exports have reached US£34.6 billion since the beginning of the year.

The growth is driven primarily by an increase in agricultural exports and the efficient operation of the sea corridor, as reported by Yuliia Svyrydenko, Ukraine's First Deputy Prime Minister and Minister of Economy.

Physical exports in the first ten months of 2024, totalling 110 million tonnes, have already surpassed the entire 2023 volume of 100 million tonnes. The ministry added that Ukraine's leading export commodities by value in October 2024 were:

sunflower oil (US£447.2 million), maize (US£363.6 million),

wheat (US£318.2 million), soybeans (US£260 million), rapeseed (US£239.2 million),

iron ore (US£166.8 million). The primary export destinations were Poland, Germany, Spain, Italy and Turkiye. In total, Ukraine exported goods to the EU to the tune of US£2.38 billion (+15.8% compared to September).

Background: In the third quarter of 2024, Ukraine's IT sector contributed US£1.6 billion to the economy, marking a 4.6% decrease compared to the same period in 2023.

This figure is also down by 2.8% (or US£46 million) from the previous quarter.

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