In January-July of this year, Ukrainian mining companies reduced exports of iron ore raw materials (IORM) in physical terms by 8% compared to the same period last year, to 19 million 145,471 thousand tons from 20 million 803,661 thousand tons.
According to statistics released by the State Customs Service (SCS) on Tuesday, foreign currency earnings from exports of iron ore raw materials decreased by 20.3% during this period, to $1 billion 460.316 million from $1 billion 831.314 million.
Raw materials were exported mainly to China (43.67% of shipments in monetary terms), Slovakia (17.9%), and Poland (16.82%).
In addition, in January-July 2025, Ukraine imported raw materials worth $58 thousand in the amount of 86 tons from Italy (40.35%), the Netherlands (36.84%), and Norway (22.81%), while in the same period last year it imported 771 tons worth $208 thousand.
As reported, in 2024, Ukraine increased its exports of raw materials by 89.8% compared to 2023, to 33 million 699.722 thousand tons, and foreign exchange earnings grew by 58.7%, to $2 billion 803.223 million.
In 2024, Ukraine imported mineral resources worth $414,000 in a total volume of 2,042 tons, while in 2023, 250 tons of these raw materials were imported worth $135,000.
In 2023, Ukraine reduced exports of raw materials in physical terms by 26% compared to 2022, to 17 million 753.165 thousand tons. Foreign exchange earnings amounted to $1 billion 766.906 million (a decrease of 39.3%).
Raw materials worth $135,000 were imported, totaling 250 tons.
The Bloomberg Commodity Spot commodity price index fell to an eight-month low amid fears of a recession in the global economy.
The index, calculated on the basis of prices for a wide range of commodities – from oil and copper to wheat, on Monday fell by 1.6%, to a minimum since January 24. Its value has fallen by 22% from the peak level recorded in July. The rise associated with a jump in commodity prices immediately after the start of the Russian war in Ukraine has completely disappeared.
The continued strength of the dollar is making dollar-denominated commodities more expensive for overseas buyers, worsening demand prospects, Bloomberg said.
Experts see an opportunity for further decline in commodity prices, despite the fact that the supply of many commodities is limited. The unprecedented pace of raising key interest rates by world central banks, trying to contain the highest inflation in decades, raises fears of a recession in the global economy. The downturn, in turn, will worsen the outlook for energy demand and investor appetite for risk, economists warn.
Prime Minister Denys Shmygal asks Denmark to consider the possibility of supplying Ukraine with raw materials needed for farmers and oil products.
“I thanked for the decision to take part in the restoration of the city of Nikolaev together with other international partners. Also, in the coming days, as Prime Minister Matte Frederiksen promised, Ukraine will receive equipment and machinery that will help in the restoration of the liberated cities,” Shmyhal wrote on the Telegram channel following a meeting with Danish Foreign Minister Jeppe Kofodom.
According to him, the parties discussed the supply of military equipment, the tightening of sanctions against Russia and the rejection of Russian energy resources.
“I touched upon the issue of diversifying gas supply sources. I made a proposal to consider the possibility of supplying Ukraine with raw materials needed for farmers and oil products, since the enemy is purposefully trying to disrupt the sowing season and cause a shortage of fuel,” the prime minister wrote.
Among other things, Shmygal thanked Denmark for its strong political and financial support.
“We also count on Ukraine’s support in acquiring the status of a candidate for EU membership and on the approval decision of the European Commission to suspend import duties on all Ukrainian exports for a year,” he added.
Secretary of the National Security and Defense Council (NSDC) Oleksiy Danilov announced the determination of 137 types of raw materials, minerals, which will be under the special control of the Ukrainian state.
“Some 137 types of raw materials and minerals have been identified, which today will be under the special control of our government. These licenses will be issued more carefully by the government, because we see what is happening,” Danilov said at a briefing on the results NSDC meeting in Kyiv on Friday.
He said the companies have licenses for copper mining, but not a single kilogram of copper is mined in Ukraine.
“All this will be taken under control by this decision. In addition, certain processes will be strengthened, taking into account the fact that from January 1, 2021, children who were born should receive certain money after a certain period of time, when this system will work,” Danilov said.
Ukraine can become a better supplier of raw materials and components for future technologies for Europe than China, Vice-President of the European Commission for Interinstitutional Relations and Foresight Maroš Šefčovič has said.
“I think you can do better than China. I understand the President, the Prime Minister and your business leaders who want to ensure that Ukraine builds an entire vertically integrated value chain around critical raw materials and that as much value added as possible remains in Ukraine […] Ukraine clearly could be the key supplier of raw materials and components for these future technologies for Europe,” Šefčovič said in an interview with Interfax-Ukraine.
