Ukraine sees forex earnings from exporting ferrous metals drop nearly 42% in 2023

MOSCOW. Jan 17 (Interfax) - Ukraine's metal enterprises saw revenue from exporting ferrous metals drop 41.59% year-on-year to nearly $2.648 billion in 2023, Ukrainian media reported, citing statistics from the State Customs Service (SCS).

The SCS said that ferrous metals accounted for 7.32% of total forex earnings from exporting products in the reporting period versus 10.26% in 2022.

Revenue from exporting ferrous metals rose to $214.531 million in December last year from $174.380 million in November.

Ukraine also boosted imports of similar products 37% to around $1.307 billion in monetary terms in 2023, and the country imported products totaling $107.367 million in December.

The SCS also said that Ukraine cut exports of metal products 16.6% year-on-year to $877.916 million in 2023, and the country exported metal products totaling $56.083 million in December. Imports of metal products rose 40.3% year-on-year to $902.565 million in 2023, and the country imported metal products totaling $74.186 million in December.

As reported, Ukraine's metal enterprises saw revenue from exporting ferrous metals fall 67.5% year-on-year to around $4.533 billion in 2022, with imports dropping 38.3% to $954.387 million. Exports of metal products declined 18.6% to nearly $1.053 billion, and imports dropped 42.9% to $643.162 million.