Ukraine becomes third largest agricultural exporter to EU
www.kyivpost.com: Ukraine was the third largest importer of agricultural produce to the European Union in November 2018 – October 2019 and showed the fastest growing dynamic, according to a monitoring report by the European Commission.
By Vyacheslav Hnatyuk, www.kyivpost.com
During the 12-month period, Ukraine has exported to the EU €7.26 billion, or approximately $8.1 billion worth of agricultural goods. The report also registers a growth of 41%, or €2.1 billion in Ukraine’s agri-food export to the EU compared to the previous 12-month period.
Ukraine accounts for more than 50% of annual EU agri-food import growth, according to the report.
The list of top three main agro importers to the EU also includes the U.S. with 12-month exports worth of €12.3 billion, as well as Brazil with €11.7 billion. China closely follows Ukraine as the fourth largest agricultural importer to the EU with €6.2 billion worth of exports and 9.5% annual growth.
Ukraine has boasted a steady growth of agricultural production and exports over the years. General exports of agriculture produce from Ukraine for January – September 2019 have totaled $15.78 billion. This is 22% ($2.8 billion) more compared to the same period in 2018.
Grain exports from Ukraine have been growing faster still. During the third quarter of 2019, Ukraine has exported 40 million tons of grain, which is 44% more than in the third quarter of 2018.
Agricultural strength of Ukraine is in contrast with the country’s diminishing industrial capacity. Thus, the production of steel and cast iron decreased by 1.5-2.5% in 2019 compared to 2018.
According to Ukraine’s Economy Minister Timofiy Mylovanov, Ukraine’s industrial production is falling due to the diminishing worldwide demand and raging global trade wars. Strengthening of Ukrainian national currency, hryvnya, is not the major cause of lackluster performance by the Ukrainian metallurgy, according to Mylovanov.
link to original news: https://www.kyivpost.com/business/ukraine-becomes-third-largest-agro-importer-to-eu.html?cn-reloaded=1