In the period from January to April 2025, Ukraine's iron ore exports decreased by 10.2% compared to the same period in 2024, totaling 11.15 million tons.
This data was reported by GMK Center based on the State Customs Service's statistics.
The largest consumer of Ukrainian iron ore remains China, which received 6.01 million tons (-2% y/y). Slovakia imported 1.57 million tons (-15% y/y), while Poland received 1.54 million tons (+3.4% y/y).
In April, Ukraine exported 2.654 million tons of iron ore, representing a decrease of 8.4% compared to the previous month and a 22% drop from April 2024. Specifically, 1.44 million tons were shipped to China (-7% m/m), 405.24 thousand tons to Slovakia (-17.7% m/m), and 383.86 thousand tons to Poland (+12.8% m/m).
The revenue from iron ore exports in April was $205.2 million (-13.9% m/m; -22.6% y/y), while the total for January-April reached $892.99 million (-20.9% y/y).
GMK Center notes that the export of iron ore is influenced by external market conditions as well as internal economic and administrative challenges. "The decline in demand from key trading partners, price volatility for raw materials, high logistics costs, and tax imbalances complicate the operations of companies that traditionally contribute a significant portion of foreign exchange earnings to the budget," the publication states.
Reminder:
It was previously reported that in 2024, Ukraine exported goods worth $41.627 billion, which is $5.44 billion or 15% more than in 2023.
Deputy Minister of Economy Taras Kachka noted that the reopening of navigation in ports significantly boosted iron ore exports, reaching 33.6 million tons, an increase of 89% compared to 2023, with a monetary growth of 58% to $2.8 billion.
It was also previously reported that the physical export of goods from Ukraine increased by 28.8% to 129.3 million tons.
In 2024, Ukraine exported semi-finished iron products worth $927.5 million, hot-rolled products worth $802 million, pig iron worth $500 million, and pipe products worth $577 million.
