Ukrainian imports of buckwheat on the rise despite growth of its domestic production

31.01.2018

Ukrainian companies continue importing buckwheat despite further growth of its production and high inventories in the country.

So, Ukraine imported some 10.5 KMT of buckwheat in the first half of MY 2017/18, including 82% supplied from Russia and the remainder from Kazakhstan. Currently, buckwheat purchases have already exceeded the volume imported for the whole last season by 35% (roughly 7.8 KMT was purchased in MY 2016/17).

Noteworthy, Ukrainian buckwheat production continued increasing in 2017, when it hit a five-year high of some 190-195 KMT according to our estimates.

Production of buckwheat groats in Ukraine recovers, too. 54.5 KMT of buckwheat was produced in the country in 2017, or 1.3% more than in 2016.

\Buckwheat stocks are also much higher than last year. They totaled 19.5 KMT on December 1, 2017 (up 73% year-on-year).

The market surplus of buckwheat has already caused a slump in its domestic prices. Purchase prices for this product in Ukraine have fallen by more than 40% over the year, to their present level of UAH 8000-9000/MT EXW. Growth of cheap buckwheat imports from Russia may lead to further decline in market prices.

 

UkrAgroConsult

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