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Red Sea Crisis Cutting Farm Exports From Ukraine

The situation in the Red Sea has led to a slowdown in Ukrainian agricultural exports in January, agriculture minister Mykola Solsky said on Thursday.

“A big volume was (exported) in December… but the rate (in January) will drop,” Solsky told national television.

“There are problems in the Red Sea and part of our exports went and are going through the Red Sea to China, Asia and African countries and therefore the movement of ships has slowed down a lot,” he said.

Attacks by Iran-allied Houthi militia in Yemen on ships in the region since November have slowed trade between Asia and Europe and alarmed major powers. The US has begun strikes on Houthi sites aiming to degrade their ability to attack shipping in the Red Sea.

Solsky said an additional reason for lower shipments was the New Year holidays.

Ukraine exported 4.8 million metric tons of food via its Black Sea corridor in December, surpassing the maximum monthly volume exported under a previous UN-brokered grain deal.

Prior to Russia’s invasion in February 2022 Ukraine exported about 6 million tons of food per month via the Black Sea.

It now relies on the corridor along its western Black Sea coast near Romania and Bulgaria, its small ports on the Danube River, and exports over land via eastern Europe.

Kyiv believes it has managed to dislodge Russian forces from the western part of the Black Sea, securing grain exports which are crucial to its economy as well as for important imports.

Source: https://english.alarabiya.net/News/world/2024/01/18/Red-Sea-crisis-cutting-farm-exports-from-Ukraine-agriculture-minister-says

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