Growth of Ukrainian Oil and Honey Exports to the USA Despite Higher Tariffs
Ukraine exported goods to the USA worth a total of $870 million in 2024, marking a significant step forward compared to 2023. Improved logistics played an important role in this growth.
This is reported by AgroReview
This was reported by Taras Kachka, Deputy Minister of Economy and Trade Representative of Ukraine, in an interview with “Economic Truth.” He noted that 41% of Ukrainian exports to the USA last year consisted of pig iron. “Pig iron is a specific product: if our metallurgical plants are operating well, we export less pig iron because it is a universal semi-finished product. We might even export more pig iron if there is increased steel production in the USA due to the steel tariffs imposed on March 12,” he stated.
Prospects for Ukrainian Sunflower Oil and Honey
Among other goods exported to the USA, sunflower oil stands out. Although this market is not the largest compared to India or the European Union, Ukraine managed to sell $40 million worth of oil there. Taras Kachka explained that given the higher tariffs for Indonesia and Malaysia, which supply palm oil, there may be greater demand for Ukrainian sunflower oil.
Additionally, 16% of all Ukrainian honey exports went to the USA. “In 2024, we sold over $20 million worth of honey there. The demand for our honey is very high; we are among the leaders. There will be sustained demand here or some substitution. The largest honey supplier in the world is China, but their tariffs are higher than ours,” the trade representative added.
Production of Bottle Caps
Taras Kachka also pointed out that Ukraine is one of the global leaders in the production of bottle caps, with one of the manufacturers holding global contracts. “This is a business where even a one percent increase in cost can ruin everything. There are many such examples. For the state, this may go unnoticed, but for a small company, losing a market worth $100,000 can be a blow,” he concluded.
The further development of the grain and oil market in Ukraine and the Black Sea region will be discussed at the 23rd International Conference, which will take place on April 24 in Kyiv. Join the strategic discussions and networking with industry leaders!