Ukraine Forecasts Nine Percent Growth in Exports in 2024

Ukraine’s Minister of Economy has said she is predicting a growth in exports from Ukraine over the next three years.

“According to the forecast of the Ministry of Economy, under current conditions, in the coming years, exports will grow by nine percent in 2024, 19.4 percent in 2025 and 20.6 percent in 2026," Yulia Svyridenko said

"Our overall goal is to return volumes of exported Ukrainian goods and services to the level of 2021,” she added.

The official emphasized that the basis for the increase in exports was already in place, because in August 2023 Ukraine launched an alternative sea corridor through the Black Sea.

Now grain, metal, and other products can be exported this way. As a result, in December exports by sea transport increased by 30.7 percent or by 7.3 million tons compared November. For instance, increases in metal exports went up by 40 percent for semi-finished products and by 45.3 percent for flat rolled products.

Another important step towards increasing volumes of exports was the development by Ukraine of a unique mechanism for insuring vessel against military risks.

The new mechanism which was developed with Ukraine’s international partners not only makes it cheaper to insure vessels involved in the transportation of grain, for instance, but includes guarantees underwritten through the Export Credit Agency.

Previously Kyiv Post commented on the fact that the blocking transport vehicles on the border by Polish carriers had cost Ukraine more than a billion euros.

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