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Ukraine’s exports halved in March 2022 due to the Russian war

Ukraine’s exports halved in March 2022 due to the Russian war

In March 2022, Ukraine exported 5.97 million tonnes of goods worth $2.7 billion, which is 55% less than in February in terms of quantity and half in value, according to the Ministry of Economy of Ukraine.

The export of metals and agricultural products was particularly affected. In particular, the export of flat products fell by almost 10 times — from 437,000 tonnes in February to 47,000 tonnes in March. “For some metallurgy positions, exports were not made at all. This is primarily due to the physical destruction of metallurgical facilities and the stoppage of production,” the Ministry commented.

As for agriculture, in March, Ukraine exported 1.1 million tonnes of corn, 309,000 tonnes of wheat, 118,000 tonnes of sunflower oil, and 40,000 tonnes of soybeans. This is four times less than in February, 2022.

Russia has been purposefully undermining the Ukrainian economy by blocking domestic exports through the Black Sea ports and attacking metallurgical plants and agricultural infrastructure to prevent the restoration of Ukraine’s opportunities in the future, stated First Deputy Prime Minister of Ukraine and Minister of Economy of Ukraine Yulia Svyrydenko.

To counter this, Ukraine has been increasing the capacity of rail, road, and river transport on the western border of Ukraine, attracting manufacturers, traders, and transport companies.

“The stocks of basic crops in Ukraine are enough to ensure exports. In addition, the start of the sowing campaign inspires restrained optimism for the future harvest,” Svyrydenko said.

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