Business news from Ukraine

Geographical structure of total imports of goods and services in 2021 (USD thousand)

Geographical structure of total imports of goods and services in 2021 (USD thousand)

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World’s largest importer of vegetable oils India expects to resume imports of sunflower oil from Ukraine

India, the world’s largest importer of edible vegetable oils, expects to receive the first batches of sunflower oil from Ukraine from September after a five-month break caused by the Russian invasion and the blockade of Ukrainian seaports.
According to Bloomberg’s website, citing Indian agricultural trader Sandip Bajoria, India may receive 50-60 thousand tons of sunflower oil in September, as Ukraine is going to open some corridors of the Black Sea for the export of agricultural products from the ports of Odessa and Chernomorsk.
“We have begun to receive offers for August deliveries, but everything will depend on the availability of ships. Ukraine has sufficient reserves of oilseeds for processing,” the trader is quoted as saying.
Sunflower oil imports to India from Ukraine have been suspended since April as the Russian invasion disrupted the country’s trade, he said.
“The Indian government’s decision to allow duty-free imports of 2 million tons of sunflower oil annually this fiscal year and next will support demand. India purchased 1.89 million tons of crude sunflower oil in the year ending October, with Ukraine supplying almost 74%, and Argentina and Russia – about 12%,” the publication clarified in the message.
As reported with reference to the Deputy Minister of Economy – Trade Representative of Ukraine Taras Kachka, in the 2021/2022 marketing year (MY, July-June), the country exported 61.52 million tons of grain and oilseeds worth $22.2 billion.
During this period, foreign markets were supplied, including 4.3 million tons of sunflower oil worth $5.8 billion, 3.4 million tons of sunflower meal worth $960 million, 421 thousand tons of soybean meal worth $230 million, 1.1 million tons of soybeans for $641 million, 2.7 million tons of rapeseed for $1.7 billion and 1.09 million tons of sunflower for $616 million.

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Ukraine cuts imports of petroleum products

In January-June 2022, Ukraine imported 3.221 million tonnes of petroleum products (according to economic activity code 2710: gasoline, diesel fuel, fuel oil, jet fuel, etc.), which is 14.7% less than in the same period last year (3.776 million tonnes).
According to the State Customs Service, oil products were imported in the amount of $3.261 billion, which is 56.3% more than in January-June 2021 ($2.087 billion).
Belarus imported fuel for $753.595 million (its share is 23.11%), Russia – for $569.548 million (17.47%), India – for $283.569 million (8.7%), and other countries – for $1.654 billion (50.72%).
In addition, Ukraine exported 45,564 tonnes (78% less compared to January-June 2021) of oil products for a total of $46.26 million (54.9% less) in four months. The cost of fuel delivered to contractors from Lithuania amounted to $16.334 million, Estonia – $6.022 million, Hungary – $3.606 million, and other countries – $20.298 million.

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AUSTRALIA CANCELS TARIFFS ON ALL UKRAINIAN IMPORTS FROM JULY 5, EXCEPT FOR ALCOHOL, FUEL AND TOBACCO

Since July 5, Australia has marked tariffs on Ukrainian imports of goods, in addition to alcohol, fuel and tobacco, as a support package for a year, according to the website of the Australian Department of Trade and Tourism.
As indicated by the agency, we are talking about reducing tariffs from 5% to zero for a period of 12 months for a number of goods that are produced or produced in Ukraine. At the same time, it is clarified that duties equivalent to excises remain in force, for example, those that apply to fuel, alcohol and tobacco products.
According to the report, such measures from Australia and other states support the economy of Ukraine and expand its trading opportunities, and they are also important for Ukraine’s recovery in the near and long term.
According to the report, in 2021, Ukrainian exports to Australia amounted to $122 million.

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G7 PLANS TO IMPOSE EMBARGO ON RUSSIAN GOLD IMPORTS TO DEPRIVE RUSSIA OF BILLIONS OF DOLLARS TO FINANCE WAR AGAINST UKRAINE

The G7 countries are planning to impose an embargo on the import of Russian gold in order to deprive the Russian Federation of tens of billions of dollars a year, US President Joe Biden said.
“The United States has imposed unprecedented spending on Putin to deprive him of the income he needs to finance the war against Ukraine. Together, the G7 will announce that we will ban the import of Russian gold – a major export that brings Russia tens of billions of dollars,” Biden tweeted on Sunday.
Earlier it was reported that the meetings of the leaders of the G7 countries, which will also be joined by the leaders of Argentina, India, Indonesia, Senegal and South Africa, will be held in Germany from June 26 to 28.
US National Security Council spokesman John Kirby said that, among other things, the summit participants will discuss new measures aimed at isolating Russia from the world economy and disrupting supply chains for the Russian defense complex. It is also planned to reach new agreements to reduce energy and food prices in the world.
The summit will take place in the Bavarian Alps in Elmau. The last summit chaired by Germany, when Angela Merkel was Chancellor, was also held there.

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“AUCHAN” IMPORTS SALT FROM EUROPE TO UKRAINE

Retailer Auchan Ukraine started importing salt from Poland, Romania and Hungary back in March to cover a possible shortage of State Enterprise Artyomsol (Soledar, Donetsk region), located in the war zone with Russian occupiers.
The trade network has already established salt imports in April, and Ukrainians do not have to worry about the summer season of canning vegetables, the company’s press service said in response to an inquiry from Interfax-Ukraine on Thursday.
“There is European-made salt on the shelves of Auchan, which costs around UAH 25-30. We plan to sell salt of the following categories: extra, iodized, and even rock salt. The main reason for the shortage of salt is excessive demand. Employees of Auchan hypermarkets literally do not have time exhibit it, and sometimes a stock of two or three weeks is sold in a day,” the press service of the company specified.
According to her, the import of salt from Europe has been established, only within a week the retailer will receive 150 tons of salt, including 50 tons in the coming days.
“The main goal of Auchan in Ukraine is to continue to purchase products from local manufacturers. But since at the moment not all enterprises are working, respectively, not all the needs of the population are covered, the company is ready to cover critical consumption goods by attracting Auchan Poland, Auchan Hungary “and Auchan Romania. As soon as Ukrainian enterprises resume work, Auchan will again give priority to local producers,” the company’s press service summed up.
Auchan Retail is an international retail company, the first store opened in France in 1961.
Auchan Ukraine Hypermarket LLC has been operating in Ukraine since 2008. According to the Auchan website, before the Russian invasion, it had more than 30 stores of various formats (hypermarkets, supermarkets, pick up points) in nine cities, and is also developing e-commerce.

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