Turnover of agri-food trade between Ukraine and Asia increased by 20%

Published 2021년 11월 29일

Tridge summary

Ukraine has seen an increase in its trade surplus with Asia to $8 billion, driven by a rise in exports of $1.5 billion, which outpaced the increase in imports from the region by $0.1 billion. The main Asian markets for Ukrainian exports, accounting for over 80% of the value, are China, India, Turkey, Indonesia, Saudi Arabia, Iran, Iraq, and Pakistan. These countries are the largest buyers of Ukrainian agri-food products, including cereals, oilseeds, oil, food processing residues, and meat products. In contrast, Ukraine's imports from Asia consist of exotic fruits, palm oil, oilseeds, tea, and coffee. With the potential for the Asian market to absorb more Ukrainian supplies, exports to Asia are projected to reach a record $10.9 billion in 2021, despite setbacks in the past due to geopolitical issues. Ukrainian food producers in Libya are looking to establish new business connections to capitalize on the growing demand for food in Asia.

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Original content

This was announced by Mykola Pugachev, Academician of NAAS, Deputy Director of the National Research Center "Institute of Agrarian Economics", the press service of the institution. "Our country's positive trade balance was increased to $ 8 billion. This was due to the growth of domestic exports (+ $ 1.5 billion), which exceeded the growth of imports from the Asian region (+ $ 0.1 billion). China, India, Turkey, Indonesia, Saudi Arabia, Iran, Iraq, Pakistan and Israel are the main trading partners for Ukraine in Asia in the context of exports this year. In total, these countries accumulate more than 4/5 of the value of our sales in this region, "says the expert. According to him, as food suppliers, the largest purchase prices are made by domestic importing companies in Turkey, Indonesia, China and India, which account for 76% of all Asian imports. "As Asia is the largest market for Ukrainian agri-food products, the commodity structure of our exports in this region fully reflects ...

Source: Agravery