Balance of foreign trade in agricultural products decreases by $1B this year

Balance of foreign trade in agricultural products decreases by $1B this year

Ukrinform
In January-October 2020, Ukraine’s export of agricultural products amounted to USD 17.6 billion, which is 1.7% less than in the same period last year, the press service of the Ukrainian Agribusiness Club Association (UCAB) reports.

At the same time, imports of agricultural products continue to grow. For 10 months of 2020, it reached almost USD 5.1 billion, which is 14.4% more than in January-October last year.

“The foreign trade balance of agri-food products amounted to USD 12.5 billion, which is almost USD 1 billion less than in the same period last year. The decrease in trade balance by 7% compared to last year is explained by relatively low prices for grains and oilseeds and their processed products in the first half of the year, as well as a smaller harvest in 2020,” explained Ivan Kolodiazhny, an analyst at UCAB.

As Ukrinform reported, in mid-August, the Ministry for Development of Economy, Trade and Agriculture and grain market participants approved the Annex to the Memorandum on Grain Exports in the marketing year 2020/2021. According to the document, Ukraine will export 17.5 million tonnes of wheat and 1,000 tonnes of rye in the current MY.

Between July 1 (when the 2020/2021 MY began) and October 26, Ukraine exported 15 million tonnes of grain and leguminous crops, which is almost 3 million less compared to the same period last year.

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