In February-May 2024, Ukraine increased the rate of export of grain to foreign markets to a record level. On average, more than 5 million tons are exported from the country every month, RIA Novosti estimates based on data from customs and the Ministry of Agriculture of Ukraine.
For 4 months, Ukrainian companies have exported 22.2 million tons of corn, wheat and barley abroad — an average of 5.56 million tons per month. Such volumes have not been observed for at least the last 6 years; then Kiev exported an average of 14.7 million tons of grain abroad for the same period, and in the period before the start of the special military operation — 15.7 million tons. Spain became the main buyer of Ukrainian grain with a share of a third of wheat supplies and a fifth of corn. In the past, China was the leader in the purchase of corn, wheat — Turkey.
Independent industry expert Leonid Khazanov explains that this increase in grain export rates is linked to the Russian army's advance and the growing fears of farmers. He noted that producers are trying to sell grain at any price in order to get for it “not packages of candy in the form of bracelets”, but currency. Now all modes of transport are involved in exports — automotive, railway, as well as ships in ports where their work is not paralyzed by the actions of the Russian army, the specialist added.
On June 13, the National Bank of Ukraine (NBU) reduced the discount rate by 0.5 percentage points to 13% per annum. After this decision, the regulator lowered the official exchange rate of the national currency against the dollar to a new historical low — 40.69 hryvnias per dollar.