Exports of ferrous metals fell by 11% over 11 months

According to the customs statistics of the State Tax Service of Ukraine, revenue from exports of ferrous metals amounted to $8.2 billion over 11 months of 2019.

This is 10.8% down from the same period of 2018.

As reported earlier, a 16.9% increase in Ukraine’s ferrous metals export revenue was reported in January–November 2018 compared to the same period of 2017.

In November, revenue from foreign trade in ferrous metal reached $596.7 million, 14% down from November 2018.

The significantly lower results are due to an overall slowdown in the industry in 2019.

“This is because of the aggravation of the situation, both in foreign and domestic markets. Incomes are declining due to a cut in prices in the global steel markets, whereas expenses are increasing,” explain Ukrmetallurgprom analysts.

The share of export sales of ferrous metals in Ukraine’s total exports over 11 months of this year approximated 18%, 3 percentage points down from the same period of the previous year.

In January–November, imports of ferrous metals decreased by 7% as well, down to $1.17 billion, compared to the same period of 2018. In November, this indicator dropped by 21.5% to $92.5 million.