Ukrainian coal miners experienced a 26% year-on-year fall in iron ore exports to 17.75 million tonnes in 2023, according to data from the State Customs Service.
The decline in steelmaking raw material exports was even more significant, dropping by 60% compared to levels before the conflict with Russia in 2021, data showed.
Export revenues in 2023 for Ukraine's steel companies from iron ore exports decreased 39.4% from the previous year to $1.77 billion, while in 2021, the export value reached $6.89 billion, 74.4% higher than 2023.
Iron ore exports amounted to 1.61 million tonnes in December 2023, down 18.2% month on month but 2.1 times more than the year-ago level. Export earnings for the month dropped 8.1% on the month while showing a significant 98.9% year-on-year rise.
Slovakia emerged as the largest consumer of Ukrainian iron ore in 2023, accounting for 28.39% of total exports in monetary terms, followed by the Czech Republic (19.7%) and Poland (19.6%). These three countries were also the top importers of the raw material in 2022.
However, in 2021, China held the position of the main destination for Ukrainian iron ore exports, taking up 41.9%, followed by the Czech Republic (9.6%) and Poland (8%).
Ukraine encountered difficulties in January last year due to blackouts caused by Russian shelling of Ukraine's energy infrastructure, resulting in the lowest monthly export figure of 927,000 tonnes for the year.
Despite the challenges faced during the recovery from the conflict and adapting to new business realities, Ukrainian mining companies experienced a more stable year in 2023.
Limited logistics capabilities for exports continue to hinder the industry's growth, although the opening of the sea export corridor last August improved prospects.
(Writing by Riley Liang Editing by Emma Yang)
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