Ukraine’s Export Economy Shows Strong Recovery in 2024

According to year-end data released by Ukraine’s economy ministry, the country’s export economy saw significant growth in 2024. Ukraine exported 129 million tons of goods valued at $41 billion, marking a 13% increase in value and a 29% rise in tonnage compared to the previous year. The revival of Ukraine’s maritime trade played a crucial role in driving this growth.

First Deputy Prime Minister and Minister of Economy, Yulia Svyrydenko, highlighted the importance of the normalization of seaport operations in achieving this growth. Despite facing challenges such as Russian attacks on maritime commerce in the Black Sea, maritime exports from Ukraine surged from 55 million tons in 2023 to 87 million tons in 2024.

Ukraine’s export portfolio is heavily reliant on agricultural products, with sunflower oil leading the way as the most valuable commodity in 2024, followed by corn. The European Union remained Ukraine’s primary trading partner, accounting for about 60% of the country’s exports, valued at $24.5 billion. Other significant export destinations for Ukraine include China, Turkey, and Egypt.

While Ukraine’s industrial sector has been impacted by the Russian invasion, the country’s commercial export activity is showing signs of recovery. Semi-finished iron products, hot-rolled products, and goods from the manufacturing sector have all contributed to the export growth in 2024.

With improved access to seaborne trade for bulk goods, Ukraine has also enhanced its landside links to the EU. Despite a decrease in road transport volume, the value of goods moved by truck increased to $14.5 billion in 2024, reflecting a shift towards higher-value exports.