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Ukraine’s iron ore exports increased 2.3 times in January-April 2024

In April 2024, Ukraine’s iron ore exports increased by 2% compared to the previous month, reaching 3.41 million tons. Compared to April 2023, exports increased twice. This is according to data from the government customs department.

Ukraine’s revenues from iron ore exports last April amounted to $265.23 million, a decrease of 14.6% on a monthly basis and 41.3% on an annual basis.

Since the beginning of the year, Ukrainian mining companies have gradually increased their iron ore exports on a monthly basis.

In January-April 2024, Ukraine exported 12.41 million tons of iron ore, 2.3 times more than in the same period in 2023. Export revenues increased by 90.8% year-on-year to $1.13 billion.

The bulk of raw materials were shipped to China, accounting for 43% of total exports in monetary terms. Another 16.3% to Slovakia and 13.7% to Poland. For the first time since the beginning of the war, China has become the main export destination for Ukrainian iron and steel companies.

In 2023, Ukraine reduced iron ore exports by 26% compared to 2022, reaching 17.75 million tons. Raw material exports decreased by 60% compared to pre-war 2021.

Ukraine’s revenues from iron ore exports in 2023 decreased by 39.4% year-on-year, reaching $1.77 billion.
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