In January 2024 , Ukraine reached a record level of physical exports during the large-scale invasion - domestic producers exported 12 million tons of products. This is reported by the Ministry of Economy of Ukraine, UNN reports.
Details
Ukraine's Minister of Economy Yulia Svyrydenko noted that Ukraine has almost reached pre-war export levels.
We are very close to reaching pre-war physical export volumes. In January 2024, Ukraine exported 12 million tons of products. This is only two million tons less than in pre-war January 2022. Of these, 8.7 million tons were exported by sea
According to her, in January , the first vessel insured against war risks under the UNITY insurance was loaded in the ports of Greater Odesa. The cost of insurance for this vessel is 0.75% of the vessel's value, which is much cheaper than during the BCGI period, the ministry added.
The normalization of the insurance market in trade is a cornerstone element of the resumption of exports of value-added products. Our goal is to reach not only pre-war export volumes, but also higher revenues
She also emphasized that such a development is only possible if Ukrainian exporters are able to freely ship containers by sea. For this to happen, the insurance market for maritime transportation needs to be restored.
Addendum
The Ministry of Economy reminded that the Unity ship insurance program, which the Ukrainian government is implementing jointly with Marsh McLennan and a pool of insurance companies led by ASCOT, is designed to reduce the cost of insuring the maritime transportation of grain and other important food products in the territorial waters of Ukraine.
This is expected to boost Ukrainian exports, among other things.
The total coverage under the program is $50 million
According to estimates, the proposed insurance mechanism will reduce the cost of grain insurance by about 2.5 percentage points of the insurance tariff on average, which will allow grain traders to save about UAH 100-140 per ton of cargo, and will bring an additional UAH 4 billion to agricultural producers
In addition, the government expects that in the future such insurance instruments will be extended to other types of exports.
Recall
In 5 months, Ukraine exported 15 million tons of cargo through the grain corridor, of which 10 million tons were agricultural products.