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the average export figure could increase to 75-80 million tons of grain and oilseeds. Marchuk noted that 80% of products are already exported via the Black Sea, and up to 10% via the Danube. "In the future, bets on the export of agricultural products will be made on the Black Sea," he said. The Ministry of Infrastructure clarified that since the beginning of the year, 3.7 million tons of goods have been exported through the Danube ports, 2.5 million tons of which are grain crops and oil. At the same time, Ukraine's grain exports since the beginning of the new trading season amount to 29.951 million tons, which is 9% less than last year's corresponding period.
In the two full months of the year, metallurgical enterprises increased income from the export of ferrous metals by 46.3% year-on-year - to $522.5M. However, Ukrainian metallurgists reduced the export of pig iron by 13.6% compared to the same period in 2023 - to 269,800 tons. Export earnings fell by 13.8% to $97.92M. At the same time, Ukraine increased exports of carbon steel semi-finished products in physical terms by 238% compared to January-February 2023, to 364,162 tons. Revenue increased by 210% to $175M
The export of Ukrainian horticultural products decreased by 18%; the EU is the main importer. In 2023, revenue from the export of fruit and berry products equaled $257M, decreasing by 18% compared to 2022. The full-scale war continues to negatively impact potential to supply fruits, berries, and nuts to foreign markets. The largest revenues for exporters last year came from sales of frozen berries and fruits ($132M).
5.2.2 Current account dynamics
Ukraine recorded a Current Account deficit of 510 USD Million in January of
2024 compared with a deficit of 728.0 $in December.
5.2.3 Gross international reserves
Ukraine’s foreign exchange reserves decreased by almost 4% in February. According to the NBU, “Ukraine's international
46 UKRAINE Country Report April 2024 www.intellinews.com