Maritime Trade Leads Revival of Ukraine's Export Economy

Ukraine's export economy posted a 13% increase in value and a 29% rise in tonnage, according to year-end data released by Ukraine's economy ministry. The war-torn nation exported 129 million tons of goods valued at $41 billion, outpacing 2023's figures of 100 million tons worth $36.1 billion - and the revival of Ukraine's maritime trade was the primary driver.

"The normalization of our seaport operations was key," said Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy. Maritime exports jumped from 55 million tons in 2023 to 87 million tons in 2024, despite repeated Russian attacks on maritime commerce in the Black Sea. 

Ukraine is heavily reliant on shipping to export its abundant agricultural production. Sunflower oil was the most valuable commodity this year, with exports worth over $5 billion, followed closely by corn ($4.9 billion). 

The European Union remained Ukraine's dominant trading partner and accounted for about 60 percent of the country's exports, worth $24.5 billion. Beyond Europe, Ukraine ships large quantities of grain and other products to China ($2.3 billion), Turkey ($2.1 billion), and Egypt ($1.6 billion). 

Ukraine's industrial sector has been badly battered by the Russian invasion, but its commercial export activity is showing signs of recovery. This year, semi-finished iron products brought in $927 million, while hot-rolled products generated $802 million in revenue. The manufacturing sector also made notable contributions, with cable producers exporting $1.26 billion worth of goods.

With renewed access to seaborne trade for bulk goods, Ukraine has improved the utilization of its landside links to the EU. Despite reduced road transport volume, the value of goods moved by truck increased to $14.5 billion this year, thanks to a shift toward higher-value exports.