Ukraine lost $1 billion due to duties on soybeans and rapeseed, — ACC

In the six months since the export duties on soybeans and rapeseed were in effect, Ukraine has lost a total of $1 billion. Farmers have lost about $200 million.

This was reported by Latifundist, citing representatives of the American Chamber of Commerce in Ukraine (ACC).

They stated that Ukrainian farmers have lost about $200 million due to the introduction of export duties on soybeans and rapeseed. Farmers have lost about $130 million due to lower domestic prices, which has hit small and medium-sized producers who are unable to export independently and are forced to work through intermediaries.

Farmers have actually lost another part of their funds due to the duty itself: about $50 million went to the state budget.

Also, foreign exchange earnings from exports have decreased by about $1 billion in the six months. The largest decline was recorded for the export of rapeseed (minus $400 million), soybeans (minus $240 million) and sunflowers (minus $345 million).

“Those who lobbied for this law have practically knocked us out of the European Union rapeseed market because we have become uncompetitive due to these export taxes,” the ACC commented. The Ministry of Economy previously stated that the soybean-rapeseed amendments would not apply to other agricultural crops.