Deputy Minister of Economy Taras Kachka shared forecasts regarding Ukraine’s exports to the US in 2024. According to him,
This is reported by Business • Media
“The US represents $870 million of Ukrainian exports in 2024, which is more than in 2023. Last year, 41% of our exports to the US were pig iron”
. This indicates positive trends in trade relations between the two countries.
Kachka noted that Ukraine has the opportunity to increase pig iron exports if steel production in the US rises, which is related to the new tariffs. He clarified that a 25% tariff has been set for the codes covered by the steel proclamation that came into effect on March 12, while an additional 10% imposed in April does not apply.
Export of Oil and Honey to the US
In addition to pig iron, Ukraine also supplies sunflower oil and honey to the US. Last year, oil exports amounted to $40 million, while honey exports reached $20 million, accounting for 16% of total honey exports. Kachka emphasized that the increase in tariffs on palm oil from Indonesia and Malaysia could stimulate demand for Ukrainian sunflower oil in the American market.
Challenges for Small and Medium Enterprises
However, higher tariffs have been imposed on China, the world’s largest honey supplier, compared to Ukraine. Kachka pointed out that small and medium enterprises, as well as Ukrainian pipe manufacturers, may suffer the most from the new tariffs, experiencing a negative impact on their operations.