Farming was the most profitable economic activity in Ukraine last year, netting $3 billion, reports the National Scientific Center Institute of Agrarian Economics. Of the nation’s farms, 83% made money, and 17% lost money. In 2019, a year of record grain harvests, profits were 13% higher — $3.4 billion. This year, with the grain harvest expected to be an all time record, farming profits are expected to also hit record levels.
In a turnaround, Ukraine’s food exports to the EU are up 10% yoy, to $3.7 billion, for the first seven months of this year, reports the Ukrainian Agribusiness Club. Last year, Ukraine’s good exports to the EU dropped by 11%, compared to 2019. So far this year, Ukraine has used up five quotas for duty-free exports of food to the EU: honey, cereals and flour, processed starch, processed tomatoes, grape and apple juice. For the first three quarters of the year, quotas have been used for eggs and poultry.