Economy Ministry expects exports to grow by 9% in 2024

Economy Ministry expects exports to grow by 9% in 2024

Exports of goods and services from Ukraine are expected to grow by 9% in 2024.

This was stated by the First Deputy Prime Minister of Ukraine - Minister of Economy Yulia Svyrydenko, the Ministry of Economy reports, Ukrinform saw.

"According to the Ministry of Economy, under current conditions, exports will grow in the coming years. By 9% in 2024, 19.4% in 2025, and 20.6% in 2026. The global goal is to return the volume of exports of Ukrainian goods and services to the level of 2021," the statement said.

Read also: Ukraine exports almost 19M t of grains, pulses

As per Svyrydenko, the foundation for increasing exports has already been laid. In August, Ukraine launched an alternative sea corridor. Grain, metal and other goods are now being exported through this route. As a result, exports by sea increased by 30.7% or 7.340 million tons in December compared to November. Metal exports increased by 40% for semi-finished products and 45.3% for rolled products.

Another important decision to increase exports was the introduction of a unique mechanism for insuring ships against war risks. It also reduces the cost of grain transportation insurance to 1-1.25%. The Ministry of Economy developed this mechanism together with international partners. On the part of Ukraine, insurance guarantees are covered by the state budget through the Export Credit Agency.

Read also: Ukrainian economy exhibited some resilience to effects of war in 2023 - UN report

As reported, last year Ukraine's export revenues reached one of the lowest levels in the last decade, which was the result of logistics problems.

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