A new record for iron ore exports: Ukraine shipped more than 3.3 million tons of raw materials abroad in March

Ukrainian mining companies made an impressive leap in iron ore exports in March 2024. According to the State Customs Service, the volume of iron ore shipped abroad amounted to 3.34 million tons, generating $310.5 million in revenue. This figure set a new record for shipments during the war, exceeding the previous figure by several times.

Compared to the previous quarter of 2023, when iron ore exports ranged from 1.5-1.9 million tons with revenues of $143-155 million, this growth can be considered an extraordinary achievement. In the first quarter of 2024, total exports of iron ore exceeded 9 million tons and revenues reached $863 million, which is twice as much as last year.

The largest share of iron ore exports, namely 43%, was shipped to China by sea. Another 17% of the raw material was shipped to Slovakia by rail to be used at the steel plant in Košice.

Interestingly, in March, exports of iron ore exceeded even exports of metals and metal products, which amounted to $307.6 million. However, metallurgical products failed to surpass the record set in January, when 604 thousand tons worth $338 million were exported.

In recent years, Ukrainian mining companies have faced dramatic changes in iron ore exports. In particular, in 2023, exports decreased by 26% compared to 2022, reaching 17.75 million tons. This decline occurred even compared to the pre-war year of 2021, when exports of raw materials were 60% higher.

Revenue from the export of iron ore by Ukrainian mining and metallurgical companies in 2023 decreased by 39.4% compared to 2022, reaching $1.77 billion. This figure, like exports, has seen a significant increase in previous years. In 2021, revenues amounted to $6.89 billion, up 74.4% from 2023.

In general, iron ore exports remain one of the key areas of Ukraine's foreign economic activity, playing an important role in the country's economic development and ensuring its financial stability.