According to the customs authorities, in January-June this year, Ukrainian companies increased imports of tin by 19.5% to $1.350 million ($330 thousand in June) and increased imports of zinc and zinc products by 37.4% to $28.340 million ($5.110 million in June).
Tin is used as a safe, non-toxic, corrosion-resistant coating in its pure form or in alloys with other metals. The main industrial applications of tin are in food packaging, electronics solders, and bearing alloys. The most important tin alloy is bronze (with copper).
Pure zinc metal is used to restore precious metals, protect steel from corrosion and for other purposes.
The Export Credit Agency of Ukraine (ECA) supported exports worth UAH 4.6 billion in the first half of 2024, First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko said.
“In the first half of the year, the Export Credit Agency of Ukraine increased the volume of export support by almost 2.5 times compared to the same period last year,” the press service of the Ministry of Economy quoted the Vice Prime Minister as saying.
It is emphasized that the development of non-resource exports is one of the key areas of the “Made in Ukraine” economic policy, and ECA instruments help to achieve these goals, as banks recognize ECA insurance as sufficient collateral for a loan, which simplifies and reduces the cost of obtaining a loan.
In addition, cooperation with the ECA reduces the risks of the exporter and the bank, reduces the cost of financing and increases opportunities for business development, Svyrydenko explained.
The three leading regions are as follows: Kyiv – UAH 2.78 billion, Lviv region – UAH 1.11 billion, Vinnytsia region – UAH 234.2 million.
The top five countries to which Ukrainian producers sold their products in January-June (in terms of the value of concluded and insured contracts) were Poland, the UAE, Azerbaijan, Slovakia and Germany.
The most popular export goods were dairy products, wood and wood products, toys, clothing, and processed vegetables.
The tools of the Export Credit Agency of Ukraine are one of the elements of the “Made in Ukraine” policy, which was presented by President Volodymyr Zelenskyy in February. Its goal is to support non-resource exports, develop production and attract investment in the real sector, the Ministry of Economy reminded.
Ukraine is exhausting its tariff-free quotas for honey, corn and chicken supplies to the European Union, European Commissioner for Agriculture Janusz Wojciechowski said at a conference after the Council of Agricultural Ministers meeting in Brussels on Monday.
“I am pleased that today, during the discussion on Ukraine, member states generally expressed positive views on the new autonomous trade measures and on the safeguard measures introduced. It was the initiative of the European Commissioner for Agriculture to introduce these import limits, and they are working. They were activated for three products – sugar, eggs and oats. We are observing the situation with other sensitive products. Honey, whose exports have already reached 89% of the limits, corn – 67%, and chicken – 59%,” he said.
Wojciechowski emphasized that European politicians’ accusations against the EU’s Common Agricultural Policy that it is aimed at reducing domestic production and further increasing dependence on imported products are unfounded. The EU has been and will remain the largest exporter of agricultural products in the world, he assured.
According to the European Commissioner, the EU’s agricultural trade surplus in 2023 reached a record EUR 70 billion. This year, this record may be broken, as in the first quarter alone, the EU’s trade surplus with third countries already amounted to EUR 18 billion.
Beer production in Ukraine in the first six months of 2024 reached 67.9 million dal, up 104.2% compared to the same period in 2023, according to the website of the industry organization of brewers Ukrpyvo.
Earlier it was reported that in 2023, beer production in Ukraine (except for non-alcoholic beer with an alcohol content of up to 0.5 vol%) amounted to 133.4 million dal, which is 7.8% more than in 2022. This figure is only 78.3% of the country’s beer production in 2021.
Beer production in Ukraine in 2022 decreased by 27.9% compared to 2021 – to 122.8 million dal.
By the end of 2022, the brewing industry had partially recovered after a 50% drop in production in the first quarter due to the Russian invasion and the shutdown of some breweries. Thus, in the first four months of the year, the decline amounted to 42.8% compared to the same period in 2021, 36.4% in January-May, 32% in January-June, 31.6% in January-July and January-August, 30.5% in January-September, 28.6% in January-October, 28.1% in January-November, and 27.9% in the previous year.
In January-June 2024, Ukrgasvydobuvannya JSC increased natural gas production (commercial) by 8.8% compared to the same period in 2023 – up to 6.913 billion cubic meters, the company’s press service said on Wednesday.
According to the company, 165.864 thousand meters were drilled during the reporting period, which is 9.117 thousand meters more than last year’s penetration rate for the first half of 2023.
“Ukrgasvydobuvannya put 41 new wells into operation, 14 of which are high flow rate wells. For example, the daily flow rate of one of the latter exceeds 400 thousand cubic meters. These are very good results that we have achieved thanks to the integrated work of the team,” said the Head of the company Serhiy Lagno.
According to him, UGV also demonstrates good gas production performance at old modernized wells due to the introduction of new technologies.
As reported, Ukrgasvydobuvannya and Ukrnafta produced 7.3 bcm of commercial gas in January-June 2024, which is 8% more than in the same period last year.
In 2022, UGV produced 12.5 billion cubic meters of natural gas (commercial), which is 3% less than in 2021. In 2023, the company produced 13.224 bcm of commercial gas, which is 0.679 bcm more than in 2022.
NJSC Naftogaz of Ukraine owns 100% of Ukrgasvydobuvannya shares.
Benchmark oil prices are falling on Tuesday morning after a moderate decline the day before.
The cost of September futures for Brent on the London ICE Futures exchange as of 8:03 a.m. is $84.59 per barrel, which is $0.26 (0.31%) lower than at the close of the previous trading. The day before, these contracts fell in price by $0.18 (0.2%) to $84.85 per barrel.
August futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.31 (0.38%) to $81.60. On Monday, the contract fell by $0.3 (0.4%) to $81.91 per barrel.
A negative factor for the oil market was the weak statistics from China, which indicated a slowdown in China’s GDP growth in the second quarter to 4.7% in annual terms from 5.3% in the previous quarter.
“The growth of the Chinese economy is directly linked to global economic activity and fuel demand,” wrote StoneX analysts led by Alex Hodes.
Traders were also assessing the news of the assassination attempt on Donald Trump, which resulted in the politician being lightly wounded. According to analysts, this event increases his chances of winning the US presidential election in November.
“The Trump government has prioritized energy independence and economic growth over environmental regulation in the past,” said Nigel Green, CEO of deVere Group. – “If he becomes president again, we expect him to take the same approach, which will be positive for the energy sector and especially for fossil fuels.
