Business news from Ukraine


15 October , 2020  

Ukraine in the 2019/2020 MY (September-August) reduced the processing of soybeans by 33.4% due to the growth of their exports, against the doubling of processing soybeans in the 2018/2019 MY.
According to a report on the website of the Ukroliyaprom association, more than 1.8 million tonnes of soybeans, which is 70% of their total exports from Ukraine in 2019/2020, were exported in September-December 2019 (export growth during this period against the corresponding period in 2018 exceeded 250%). For the first time, enterprises were forced to import soybeans in Ukraine.
In the 2019/2020 the production of soybeans amounted to 3.7 million tonnes, of which 1.2 million tonnes were refined for oil, 2.63 million tonnes were exported (for $ 864.9 million). Deliveries were made to Turkey (31.6% share in total exports), the EU (26.6%), Egypt (16.6%) and other states, the association said.
“Due to the limited resources of soybeans, the production of soybean oil and meal in 2019/2020 MY decreased by 8.1% and 9.9%, respectively. A particularly significant decrease in the production of these goods was observed in January-August 2020, respectively by 14.6% and 16.8% (compared to the corresponding period in 2019),” Ukroliyaprom said.
According to the association, in the 2019/2020 MY, the export of soybean oil increased by 0.2%, the export of soybean meal decreased by 9.7%.
Ukroliyaprom’s forecast as of October 1, 2020 for the 2020/2021 MY provides for a decrease in the soybean yield by 18.9%, to 3 million tonnes and a reduction in soybean areas by 14.9%, to 1.34 million hectares.