Page 32 - UKRRptMay21

5.2.1 Import/export dynamics
In 2020 Ukraine’s exports of goods hit $8.5bn, up 4.5% in January-February, compared to the same period in 2020. Imports only increased by 0.5% to $8.73bn. As a result, the $256mn trade deficit was slightly less than half the level of last year, reports the State Statistic Service.
Ukraine’s top three export markets were: China -- $1.1bn +44%; Poland -- $648mn – unchanged; and Turkey -- $552.1mn +18%.
The top three sources of imports were: China -- $1.4bn + 4%; Germany -- $758mn -15.4%; and Russia -- $731mn -10.%.
The US will displace Ukraine as China’s top source of corn this year as
predicted on the China’s Global Times news website. In the first two months of this year, China’s corn imports increased by 414% y/y, to 4.8mn tons. The US pulled ahead of Ukraine, largely due to the Trump-era US-China trade accord. With the marketing year ending June 30, the US Department of Agriculture has predicted that China will import a record 24mn tons of corn.
Ukraine’s grain exports are down 35% y/y as of April 19, according to data provided by the Economy Ministry. Drought depressed harvests, lead to the export drop. High food prices worldwide have ensured that Ukraine’s agricultural earnings have taken a smaller hit. Agriculture is Ukraine’s largest source of exports, generating 9% of the country’s gross domestic product in 2019, according to the International Trade Administration, (USA).
32 UKRAINE Country Report May 2021 www.intellinews.com