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In January 2024, Ukraine set record for export volumes during Russia’s full-scale invasion as the state exported 12 million tonnes of products.
That is according to the Ministry of Economy.
“We are very close to reaching pre-war physical export volumes. In January 2024, Ukraine exported 12 million tonnes of products. This is only two million tonnes less than in pre-war January 2022. Of these, 8.7 million tonnes were exported by sea,” stated Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy.
She added that the first ship insured against military risks under UNITY insurance had arrived in the ports of Greater Odesa (Odesa, Chornomorsk and Pivdenny). The insurance cost for this vessel is 0.75% of the vessel’s cost, which is much less than the BCG insurance.
“The normalisation of the insurance market in trade is critical to resuming exports of value-added products. Our goal is to achieve not only pre-war export levels, but also increased revenue. This will become possible once Ukrainian exporters can freely ship containers by sea. This will only be possible once the shipping insurance market has been restored. Therefore, it is critical for us that insurance becomes more affordable and is actually used to export Ukrainian products,” Svyrydenko added.
Ukraine is implementing The UNITY ship insurance program in collaboration with Marsh McLennan and a number of insurance companies led by ASCOT. It intends to reduce the cost of insurance for maritime transportation of grain and other important food products in Ukraine’s territorial waters, contributing to an overall increase in Ukrainian exports.
The total coverage under the programme is US$50 million.
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