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

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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