The maritime corridor influenced the growth of exports from Ukraine

The growth of exports at the end of 2023 was facilitated by the opening of the maritime corridor, vessels insurance and the improvement of logistics on the Danube.

In 2024, the export of goods and services from Ukraine is expected to grow by 9%, said First Deputy Prime Minister of Ukraine – Minister of Economy Yuliya Svyridenko.

According to her, logistics is still the key for Ukrainian exports. Despite all the problems and challenges, Ukraine exported 99.8 million tons of goods.

“This is 112,000 tons more than in 2022. At the same time, the value of exports was 18.7% less than a year earlier – 35.8 billion dollars. This is one of the lowest indicators over the last decade. It was the result of border blockades, grain disputes and Russian sabotage of the grain agreement. But thanks to timely and correct decisions, we managed to preserve export opportunities and continue trading on international markets. Although the losses are quite noticeable,” said Yuliya Svyridenko.

According to the forecast of the Ministry of Economy, under current conditions, exports will grow in the coming years. By 9% in 2024, 19.4% in 2025 and 20.6% in 2026. The global goal is to return the volume of exports of Ukrainian goods and services to the level of 2021.

The Minister of Economy noted that the foundation for increasing exports has already been laid. Thus, in August, Ukraine launched an alternative sea corridor. Nowadays, grain, metal and other goods are exported this way. Thanks to this, in December compared to November, exports by sea transport increased by 30.7% or by 7 million 340 thousand tons. In particular, the export of metal increased – by 40% of semi-finished products and by 45.3% of flat rolled products.

Another important decision to increase export volumes was the introduction of a unique mechanism for insurance of ships against war risks. It also makes it possible to reduce the cost of grain transportation insurance by 1-1.25%.

“The mechanism is already working. Exporters can apply for risk coverage to insurance companies with which agreements have been concluded or directly to insurance broker Marsh McLennan,” the ministry emphasized.

Also in the plans for 2024 is to invest in logistics on the Danube. In particular, Ukraine plans to double transit to Romania to 4 million tons per month.