EU-Ukraine agri-trade reaches record $17 billion in 2024
Agricultural trade between Ukraine and the EU reached $17 billion in 2024, exceeding the previous record of $16.5 billion in 2022 by 3%, the Kyiv-based research Institute of Agrarian Economics (IAE) reported.
The trade volume is the highest since the EU-Ukraine Association Agreement was signed in 2014, said Mykola Puhachov, deputy director of IAE. The EU is Ukraine's largest trading partner, accounting for nearly 65% of its total agri-food exports in 2023.
In 2024, Ukraine's largest trade partners were Spain, Poland, the Netherlands, Germany, Italy, Romania, France, and Belgium, which accounted for 80% of its agrifood trade turnover, the IAE said.
Ukraine imported about $4 billion worth of agricultural products from EU member states, almost 9% more than in 2023, according to the IAE.
Despite the challenging context of the Russian-Ukrainian war, Ukrainian agricultural exports to the EU exceeded imports by $9 billion last year.
Agricultural economics expert Oleg Nivievskyi told the Kyiv Independent that exports likely increased due to rising prices, as this year's harvest was not significantly higher than the previous year.
"This year, the EU's export corridor with Ukraine is functioning better. After the full-scale Russian invasion began, the EU abolished tariff quotas on Ukrainian agricultural products to facilitate exports from Ukraine as trade by sea was blocked by Russia. This measure has increased the EU's share of Ukraine's overall trade," Nivievskyi said.
According to a report on agri-food trade between Ukraine and the EU, in 2023, Ukraine exports mainly cereals, vegetable and animal oils, and ferrous metals.
After the start of Russia’s full-scale invasion, Ukraine's previously dominant share of its non-agri-food exports declined significantly. However, agri-food products remained almost at pre-war levels, significantly supporting the Ukrainian economy, the report shows.
Sonya Bandouil
