Ukrainian soybean exports to the EU increased by one-quarter

23.05.2018

Soybean exports from Ukraine have been decreasing for a fifth straight month now, UkrAgroConsult notes. Altogether, 2473.8 KMT of soybeans were exported in September-April 2017/18 that is down 4% from the same time last season. In April 214.6 KMT was shipped abroad, i.e. 19.4%less than in the previous month but 18% more than in April 2017.

The current season features growth in of Ukrainian soybean deliveries to European countries. So, the EU imported 783.1 KMT of soybeans during the first eight months of MY 2017/18, i.e. 26% more than in the whole of last season. Turkey boosted purchases of Ukrainian soybeans and became their second biggest importer after the EU. Turkey importers bought 664.4 KMT versus 748.5 KMT in the whole of MY 2016/17. In addition, the top three includes Iran with a 13% share in total exports.

At the same time, despite the overall increase in shipments to the EU, some major European importers stopped purchases of this commodity in the current season. They include Denmark and Portugal. In addition, this season has seen no soybean supplies to Morocco and Syria.

UkrAgroConsult notes that yesterday the Verkhovna Rada of Ukraine adopted Draft Law #7403-d “On Amendments to the Tax Code of Ukraine regarding Certain Issues of Taxation of Value Added Tax on Operations for Export of Oilseed Crops to the Customs Territory of Ukraine”. Ukrainian parliamentarians remained VAT refund only for those companies who produce soybean and rapeseed. Traders are cancelled to receive VAT refund for soybean – since September 1, 2018 and for rapeseed – since January 1, 2020.

Further prospects of the Black Sea oilseeds/vegoils market will be discussed at the VI International Conference “Black Sea Oil Trade”, which will take place on September 20, 2018 in Hilton hotel, Kiev, Ukraine.

 

UkrAgroConsult

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