Maritime Trade Leads Revival of Ukraine's Export Economy
Ukraine's export economy posted a 13% increase in value and a 29% rise in tonnage, according to year-end data released by Ukraine's economy ministry. The war-torn nation exported 129 million tons of goods valued at $41 billion, outpacing 2023's figures of 100 million tons worth $36.1 billion - and the revival of Ukraine's maritime trade was the primary driver.
"The normalization of our seaport operations was key," said Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy. Maritime exports jumped from 55 million tons in 2023 to 87 million tons in 2024, despite repeated Russian attacks on maritime commerce in the Black Sea.
Ukraine is heavily reliant on shipping to export its abundant agricultural production. Sunflower oil was the most valuable commodity this year, with exports worth over $5 billion, followed closely by corn ($4.9 billion).
The European Union remained Ukraine's dominant trading partner and accounted for about 60 percent of the country's exports, worth $24.5 billion. Beyond Europe, Ukraine ships large quantities of grain and other products to China ($2.3 billion), Turkey ($2.1 billion), and Egypt ($1.6 billion).
Ukraine's industrial sector has been badly battered by the Russian invasion, but its commercial export activity is showing signs of recovery. This year, semi-finished iron products brought in $927 million, while hot-rolled products generated $802 million in revenue. The manufacturing sector also made notable contributions, with cable producers exporting $1.26 billion worth of goods.
With renewed access to seaborne trade for bulk goods, Ukraine has improved the utilization of its landside links to the EU. Despite reduced road transport volume, the value of goods moved by truck increased to $14.5 billion this year, thanks to a shift toward higher-value exports.
Ukraine Renews Drone Attacks on Sevastopol
The Russian-occupied port of Sevastopol, Crimea has come under renewed attack by Ukraine's drone forces after a monthslong lull.
Three loud and heavy explosions were reported in Kozacha Bay late Monday night, and citizen journalists said that a large fire was burning in the area. Both aerial and maritime drone attacks were reported.
Sevastopol's Russian-backed governor, Mikhail Razvozhaev, told state media that two Ukrainian aerial drones had been shot down over the Black Sea. He did not confirm local reports of large blasts.
Kozacha Bay is located five miles southwest of the main harbor, which is more heavily protected by barriers and shore defenses. The bay is home to a large fuel depot, which Ukrainian forces targeted in April 2023. That attack was successful, resulting in a "level 4" fire and a major regional response. Three months later, Ukrainian forces hit and detonated a large munitions depot in the same area.
Ukraine's suicide drone boats and guided missile strikes have been successful enough to drive most of the Black Sea Fleet out of Sevastopol. After losing corvettes, amphibs, missile boats, an attack sub and even a cruiser, the Russian Navy has largely withdrawn from the western half of the Black Sea and has concentrated its remaining forces in the relative safety of Novorossiysk, a port on the sea's northeastern corner.
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