Ukraine has reported a significant rise in foreign currency earnings from agricultural exports, attributed to advancements in processing and the sale of finished products. In the first quarter of 2026, state revenues increased by $482 million, despite physical shipment volumes remaining relatively stable.
A key driver of this growth has been structural changes in export practices, particularly the promotion of domestic processing of oilseeds, known as the “soybean-rapeseed amendments.” This shift has enabled Ukrainian enterprises to pivot from exporting raw materials to selling higher-value finished products on the global market.
Notably, the rapeseed segment experienced remarkable growth, with exports of rapeseed oil increasing more than thirtyfold compared to the same period last year.
Additionally, revenue from sunflower oil rose by 20%, despite minimal increases in production volumes.
Taras Vysotsky, Deputy Minister of Economy, emphasized that the country is gradually moving away from a raw material export model. He stated that the development of the processing sector allows for greater revenue generation, even with stable harvest levels and nearly unchanged global food prices, which have only seen a 1% increase according to the FAO food price index.
“We observe a clear trend: Ukraine is gradually shifting from a raw material export model to increasing processed product shipments. This enables greater foreign currency earnings even with stable volumes. Our goal is to solidify this trend through the development of processing and expanding access to external markets,”
Vysotsky noted.
In terms of export geography, Ukraine continues to primarily sell agricultural products to Europe, with EU countries accounting for nearly half of total exports. Turkey has notably increased its purchases, contributing an additional $242 million compared to previous figures.
The country’s primary revenue sources remain a few key commodities: corn, sunflower oil, and wheat. Sales of corn have surged by nearly 20%, driven by strong demand from Turkey.
However, the situation with wheat is more complex, as sales have dropped by a third due to a record harvest in Europe. Nevertheless, exports began to recover quickly by the end of spring, offering a chance to meet this year’s trade targets.
The government plans to continue supporting the processing sector and expand access to external markets for value-added products. Such measures are deemed essential for ensuring sustainable economic growth and reinforcing the agricultural sector’s role as a primary source of foreign currency.
Ukraine's agricultural export revenues have increased significantly due to a shift towards processing finished products. This trend is expected to support sustainable economic growth and enhance the agricultural sector's contribution to foreign currency earnings.