The turnover of trade in agricultural products between Ukraine and the states of Asia exceeded $ 10 billion
For 9 months of 2021, the turnover of trade in agri-food products between Ukraine and Asia increased against last year's indicators for the corresponding period by 20% and reached $ 10.0 billion, Deputy Director of the National Scientific Center "Institute of Agrarian Economics", Academician of the NAAS Nikolai Pugachev said, according to the press service of the department.
At the same time, he noted, the positive trade balance for our country was increased to $ 8.0 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).
The main trade partners for Ukraine in Asia in the context of exports this year are China, India, Turkey, Indonesia, Saudi Arabia, Iran, Iraq, Pakistan and Israel. In total, these countries accumulate more than 4/5 of the value of sales to this region.
As food suppliers, the largest purchases by domestic importing companies are carried out in Turkey, Indonesia, China and India, from where 76% of all Asian imports come from.
”Since Asia is the largest market for Ukrainian agro-food products, the commodity structure of our exports in this region fully reflects the general one. It is represented mainly by grain and oilseeds, vegetable oil, food processing residues and meat products. From Asian countries, Ukraine imports mainly exotic fruits, palm oil, oilseeds, tea and coffee,” the report says.
According to the predicted estimates of scientists of the Institute of Agrarian Economics, in 2021 Ukraine can update last year's record of agricultural exports to Asian countries at $ 10.9 billion. This expected result is evidenced by the growing dynamics of supplies of domestic agricultural products to the countries of this region, which persisted even in the period of 2014- 2016, when a significant negative impact was felt as a result of the events in Crimea and Donbass.
"At the same time, the complex potential capacity of the Asian market remains untapped for Ukrainian suppliers, since at present the demand for food in this region is growing very dynamically, "Nikolai Pugachev summed up.