Ukraine Faces Massive Export Losses Amid EU Market Changes

Ukraine is expected to lose $800 million in exports from June to December 2023 as preferential trade access to the EU expires, affecting mainly agricultural exports which make up 60% of its total exports.

Ukraine is bracing for a significant hit to its export economy, with losses projected to reach $800 million between June and December 2023. The anticipated losses are largely due to the expiration of preferential trade access to the European Union.

This change is expected to affect Ukraine's vital agricultural sector, which comprises about 60% of the country's $41.6 billion total exports. The European Union is a crucial market for these goods, accounting for approximately $15 billion in sales last year.

With the expiration of preferential agreements on June 5, Ukraine's export economy is set to face new challenges as it navigates this major shift in trade policy.

(With inputs from agencies.)