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National Bank Names Drivers of Ukrainian Export Growth in 2017

October 17, 2017
In January-August 2017, export of Ukrainian goods increased by 21 percent against the same period last year, as stated in the National Bank’s macroeconomic and monetary report.

According to the statistical data of the National Bank of Ukraine (NBU), in August, Ukrainian companies increased the amount of oil and oil seeds, poultry meat and byproducts, dairy products (primarily, butter) sold to foreign markets. At the same time, volumes of exported grains decreased because India’s demand reduced.

Amounts of exported iron and steel grew in August compared to July because iron and steel plants had set up their feedstock supply and Dniprovskyi Metallurgical Plant had resumed operation. Export volumes remained lower than previous year’s figures, but export revenues increased due to growing global prices.

The similar situation was observed in iron ore export: export volumes dropped due to demand from Ukrainian metallurgy industry, but export revenues increased as a result of significant rise in global prices.

Notably, according to the State Statistics Service of Ukraine, in seven months of 2017 Ukraine increased export of base metals (which amounts to 23.3 percent of overall exports), plant products (19.9 percent of overall exports), as well as fats and oils (12.1 percent of overall exports).


Tags: export