Ukraine reduced soybean exports in November 2024

In November 2024, Ukraine recorded a significant reduction in soybean exports. This was due to various factors, including changes in the agricultural product market and certain logistical difficulties. However, despite the decrease in indicators, the country remained one of the main suppliers of this crop to the world market.

According to the State Customs Service of Ukraine, in November 2024, soybean exports amounted to only 149.1 thousand tons. This is 10% less compared to the same period in 2023, when this figure was 165.5 thousand tons. A decrease in soybean exports can have serious economic consequences, given the importance of this crop for the agricultural sector of Ukraine.

Analyzing the situation, experts note that one of the key factors that influenced the decline in export volumes is the decrease in soybean production in Ukraine this year. According to the estimates of the Ministry of Agrarian Policy and Food of Ukraine, in 2024 the total soybean harvest was about 2.3 million tons, which is 6% less than in 2023. This is a consequence not only of natural factors, such as drought, but also of a decrease in the area allocated for this crop.

In addition, the decrease in demand for soybeans in some key importing countries was also an important reason for the decline in exports. One of the largest consumers of Ukrainian soybeans has traditionally been the countries of the European Union and China. However, due to economic instability and changes in international trade policy, these countries have reduced their purchases.

Despite these difficulties, Ukraine still remains an important player in the global soybean market. In addition to the European Union and China, significant volumes of Ukrainian soybeans are also exported to Turkey and India. They continue to be important partners for Ukrainian farmers, despite market fluctuations.

In order to return to the growth of exports, experts advise Ukraine to increase support for agricultural producers and promote the development of transportation infrastructure. However, to stabilize exports, it is also important to adapt the strategy to the new conditions of the world market and strengthen diplomatic relations with the main consumers of the product. Overall, although Ukraine reduced soybean exports in November 2024, the future prospects for the agricultural sector remain positive. Thanks to strategic steps and support for the industry, Ukraine has every chance to restore its position among the leading suppliers of this crop on the world market.