In the first quarter of 2024, 86 thousand passenger cars were imported to Ukraine. Their total declared value amounted to $1.1 billion, and the state budget received UAH 11.1 billion for the import of these cars. For comparison, in the first quarter of 2023, 52 thousand cars were imported to Ukraine (67% less than in the first quarter of 2024) with a declared value of more than $705.8 million (61% less than in the first quarter of 2024) and UAH 7.4 billion was paid to the budget (49% less than in the first quarter of 2024).
Most of the cars were imported from Germany – 17.1 thousand cars, the United States – 14.5 thousand cars, and China – 9.1 thousand cars. The TOP-5 includes cars from Japan – 8.9 thousand cars and South Korea – 4.4 thousand cars. The top ten countries from which most cars were imported to Ukraine are closing: Slovakia – 4.2 thousand cars, France – 4.1 thousand cars, Mexico – 4 thousand cars, the United Kingdom – 3.7 thousand cars, and the Czech Republic – 3.7 thousand cars.
In terms of value, the largest imports of cars came from the United States – $211.2 million (UAH 2 billion was paid to the state budget), Germany – $168.7 million (more than UAH 2.1 billion was paid to the state budget), China – $138.2 million (the state budget received UAH 182.3 million).
The top 5 countries in terms of the declared value of imported cars are Japan – $133.6 million (the budget received almost UAH 1.8 billion) and Slovakia – $81.7 million (the state budget received UAH 788.4 million).
The top 10 countries in terms of the value of imported passenger cars are as follows: The United Kingdom – by $59.6 million (almost UAH 492 million was paid to the budget), Hungary – $53.2 million (the budget received over UAH 515.3 million), South Korea – $49.3 million (the budget received UAH 468.4 million), Poland – $40.2 million (over UAH 351.6 million was paid to the state budget) and Romania – $38.8 million (UAH 311.9 million was transferred to the budget of Ukraine).
The Ukrainian Grain Association (UGA) has lowered its estimate of the potential harvest in 2024 by 1.5 million tons compared to the previous forecast – to 74.6 million tons of grains and oilseeds, the association’s press service reports.
According to the report, the current forecast is based on the average weather conditions over the past five years, so the improvement or deterioration of these conditions in spring and summer may make adjustments.
“The potential decline in the harvest in the new season is caused by both a reduction in sown areas (mainly under grain crops due to unfavorable price conditions on the world market and relatively expensive export logistics) and a somewhat dry period in May this year in a number of regions in the east and south of the country,” the UGA explained and added that under such conditions, exports in the 2024-2025 marketing year will amount to 43.5 million tons.
According to the forecast of the UGA, in the ending season, exports of grains and oilseeds may reach 53.2 million tons of grains and oilseeds.
The UGA forecasts the wheat harvest in 2024 at 19.1 million tons, which is 900 thousand tons less than the previous estimate (22 million tons in 2023). Potential wheat exports in 2024/2025 MY may amount to about 13 mln tonnes, taking into account that at the beginning of the season the carry-over stocks will be about 2.4 mln tonnes.
According to the UGA, barley harvest in 2024 may reach 4.6 mln tonnes (5.8 mln tonnes in 2023), and potential exports in 2024/2025 MY can be expected at around 2 mln tonnes (this season barley exports are forecasted at 2.5 mln tonnes).
Expectations for the corn harvest in the new season are deteriorating due to a potential reduction in corn acreage and dry conditions in a number of regions. The UGA estimates the corn harvest forecast at 25.5 million tons, which is 800 thousand tons less than the previous estimate and 4.1 million tons less than last year’s 29.6 million tons. At the same time, potential exports may amount to about 20.5 mln tons (in the current season, exports are expected to reach 26 mln tons).
The UGA expects the sunflower harvest in 2024 to reach 13.7 mln tons (in 2023 – 14.2 mln tons). Potential exports could reach up to 250 thsd tonnes (0.4 mln tonnes in the current season), while sunflower processing for vegetable oil could reach almost 13.6 mln tonnes. In the current season, processing will reach 13.5 mln tons.
In 2024, rapeseed harvest can be expected at 4.3 mln tonnes (in 2023 – 4.5 mln tonnes), while exports in 2024/2025 MY may reach 3.4 mln tonnes (in the current season – 3.7 mln tonnes).
As for soybeans, this is the only crop under which farmers can increase the area due to its profitability this year. The soybean harvest is expected to reach 5.5 mln tons in 2024 (4.9 mln tons in 2023). Potential exports in 2024/2025 MY may reach 4 mln tons (in the current season it is expected to reach 3.3 mln tons).
As reported, the UGA estimated the harvest in 2023 at 82.8 mln tonnes of grains and oilseeds.
Germany intends to allocate another EUR60 million for humanitarian aid to Ukraine, especially for the eastern regions, German Foreign Minister Annalena Burbock said.
She said this before a meeting with her EU counterparts in Brussels on Monday.
“Further humanitarian aid. As the federal government, we are allocating another EUR 60 million, especially for the east of Ukraine. Because there is still a lack of everything in eastern Ukraine,” she said.
Burbock emphasized that Ukrainians have been suffering under the Russian terrorist occupation for more than two and a half years, and Germany is trying to continue to deliver humanitarian aid to eastern Ukraine together with international partners.
She also noted that Russian terror specifically targets people and normal life in Ukraine.
“Our full support is even more important at this time. We want peace, and Ukraine needs support in all its dimensions to ensure peace,” Burbank said.
Eurohold Bulgaria AD (Eurohold) and Euroins Insurance Group AD (EIG) have officially filed an arbitration claim against the Romanian government with the International Center for Settlement of Investment Disputes (ICSID) in Washington, DC, for more than EUR 500 million, according to the EIG website.
According to the report, the arbitration proceedings were initiated due to the Romanian state’s failure to comply with its obligations under the bilateral investment treaty between Bulgaria and Romania, including its obligation to ensure fair and equitable treatment for companies. EIG has been one of the largest investors in the Romanian insurance market, with investments of approximately EUR 280 million.
Eurohold and EIG are seeking damages for the actions of the Romanian authorities, which have damaged EIG’s business in Romania and completely destroyed it in the case of Euroins Romania, the statement said.
As reported, on March 17, 2023, the Romanian financial authority ASF revoked the license of Euroins Romania, which led to the bankruptcy of the insurer in June 2023.
October 25, 2023. Eurohold and EIG sent a notice of dispute to the Romanian government requesting an amicable settlement in the Euroins Romania case, but the Romanian government did not use this option.
Eurohold and EIG are being advised in the arbitration proceedings by Pinsent Masons, a leading multinational law firm, and by Gingov, Guginski, Ketchukov and Velichkov (DGKV), one of the largest and most prominent law firms in Bulgaria.
Euroins Insurance Group (EIG) is one of the largest independent insurance groups operating in Central, Eastern and South-Eastern Europe, represented in Ukraine by Euroins Ukraine.
On May 15, 2024, a solemn presentation of the innovative trading house MENA TRADE HOUSE took place.
The opening of the project, created to intensify business processes between Ukraine and the MENA countries, a region that traditionally includes the Middle East and North Africa, was attended by more than 80 guests, representatives of the legislative and executive authorities of Ukraine, the diplomatic corps accredited in Ukraine, heads of large and medium-sized businesses seeking to develop international business projects with the countries of the Middle East and North Africa, representatives of domestic and foreign media.
The initiators of MENA TRADE HOUSE were Dr. Emad Ballak (member of ICC Ukraine) and Oleksiy Hrynevych, experts in business development in the global market. Alyona Rymaruk, Secretary General of ICC Ukraine, welcomed the participants of the meeting, Volodymyr Mykhailov, Vice President of ICC Ukraine, delivered a welcoming speech on behalf of ICC Ukraine President Volodymyr Shchelkunov and informed the distinguished gathering about the benefits and prospects of business cooperation with the ICC Ukraine.
The presentation of the innovative trade house MENA TRADE HOUSE was made by Dr. Emad Ballak and Oleksiy Hrynevych, who outlined the main activities of MENA TRADE HOUSE: among the main strategic tasks and goals that Ukraine currently faces in the region is the expansion of markets for its products and services. The MENA market has a large capacity and significant demand for goods that are produced or can be produced in Ukraine. The activities of the innovative trade house MENA TRADE HOUSE will be aimed at determining the practical form of Ukraine’s optimal presence in these markets, developing appropriate strategic business programs with the provision of certified consultants and experts to provide consulting support to companies entering the MENA market. A key condition for successful actions will be a clear understanding of the interests, capabilities and potential of key players in various industries and networking opportunities for international business.
The strategic directions of Ukraine’s business presence in the MENA countries and the main goal of the innovative trade house MENA TRADE HOUSE is to comprehensively represent Ukraine in the region, through commercial ties between business unions, associations and individual large state corporations, to expand opportunities for mutually beneficial trade and economic activities of all parties.
Detailed information about the innovative trade house MENA TRADE HOUSE, a list of forms of cooperation, methods of ensuring successful activity is available on the official website – MENA TRADE HOUSE MENA TRADE HOUSE – Your Gateway to MENA Markets and on the website of ICC Ukraine – www.iccua.org
84% of the American Chamber of Commerce companies in Ukraine have employees serving in the Armed Forces of Ukraine, said Andy Hunder, President of the American Chamber of Commerce.
“Today, 84% of the American Chamber of Commerce companies in Ukraine have employees serving in the Armed Forces of Ukraine. This means that 9 out of 10 companies have defenders,” he said at the Ministry of Veterans’ Summit “Veteran’s Path from Military Service to Civilian Life” in Kyiv on Monday.
According to him, the issue of veterans’ reintegration is a key one for ATP.
“It is important to create conditions in which these defenders will become economically active again, will be able to realize their knowledge and skills in peaceful life,” Gunder emphasized.
