Ukraine's Maize Exports Plummet Amid Port Blockade

Ukraine's maize exports have plummeted by almost 85% amid a port blockade. According to a weekly market review by Spike Brokers, a brokerage company, Ukraine exported almost 1.73 million tonnes of agricultural products from August 1-27, compared with 3.29 million tonnes during the same period in July.

Maize exports fell particularly sharply, decreasing by 84.3% to 190,000 tonnes. The physical volume of exports fell by 1.56 million tonnes, or 47.5%, over the month. However, the decline in value terms was smaller: exports amounted to US$1.06 billion in the first 27 days of August, compared with US$1.42 billion over the same period in July, a 25.6% decrease.

Grain accounted for the bulk of the decline in exports. Combined exports of wheat, maize and barley fell from 2.43 million tonnes in July to 740,000 tonnes in August, down 69.5%. Wheat shipments totalled 486,600 tonnes, down 49.8%; maize exports stood at 190,700 tonnes, down 84.3%; and barley exports amounted to 62,600 tonnes, down 74.5%.

Rapeseed and processed products also showed significant changes in export volumes. Rapeseed exports rose sharply in August, with exports totalling 255,200 tonnes compared with just 11,800 tonnes during the same period in July. Ukraine shipped 69,400 tonnes of rapeseed oil, an increase of more than 4.5 times.