Business news from Ukraine

Export of goods from Ukraine in August increased by 13.9% compared to July to $3.363 billion, while imports decreased by 2.3% to $4.416 billion, the Ministry of Economy reported on Friday.
According to him, as a result, the negative balance of Ukraine’s foreign trade in goods last month decreased to $1.053 billion from $1.569 billion in July and $1.549 billion in June.
“The growth in exports is associated with the partial unblocking of the ports of Greater Odessa. This made it possible to significantly increase the volume of exports of Ukrainian goods. As a result, transportation by sea increased by 85% and amounted to almost 2.9 million tons,” the Ministry of Economy noted.
It indicated that in physical terms, in August 2022, the volume of Ukrainian exports increased by 25%, to 7.296 million tons, while imports decreased by 1%, to 1.961 million tons.
According to the Ministry of Economy, Ukraine exported more than 3 million tons of goods by rail, and 1.36 million tons by road.
At the same time, exporters receive the largest revenue from goods exported by road – $1.48 billion, sea cargo cost $995 million, and rail cargo – $788 million.
“Ukraine relies on the export model of economic growth. Before the full-scale war, our exports amounted to 35% of GDP. The goal of the Government and the Ministry of Economy is to raise it to 50%. 75% of exports should be finished goods and services,” the words of the First Vice -Prime Minister – Minister of Economy Yulia Sviridenko.
The leaders in terms of export value in August were, in particular, sunflower oil – $443 million and corn – $347 million, whose export volumes increased by 30%, to 366 thousand tons and by 31%, to 1.5 million tons, respectively, while export of sunflower seeds amounted to $71 million.
In addition, the list of leaders includes rapeseed – $305 million, including exported 665 thousand tons of this crop of the new crop, and wheat – $213 million, the export of which in August increased 2.3 times compared to July, to 880 thousand tons.
Last month, soybean exports jumped by 30% to 148,000 tons, and in monetary terms to $62 million, while revenue from electricity exports doubled to $73 million, which was the result of the successful integration of the Ukrainian energy sector into ENTSO-E, an energy system of the European Union.
“It is important that confectionery processing products demonstrate a stable upward trend: bakery +19.4%, sugar +9.1%, chocolate +25%,” the Ministry of Economy added, without specifying specific indicators.
At the same time, ore exports fell to 1.4 million tons, and in monetary terms – to $172 million, cable products – by 9.8%, to $89 million, poultry meat – to $67 million.