Ukraine to export 2 MMT of soybeans despite VAT refund cancellation

Ukraine exported 291.4 KMT of soybeans in March 2019 against 211 KMT in the previous month and 266.9 KMT in March 2018. In total, soybean exports in September-March 2018/19 fell by 32.6%, to a three-year low. As a reminder, a change in the VAT refund regulations for oilseed exports caused a decrease in soybean sales to foreign markets. However, a surge in export shipments early this calendar year narrowed the year-over-year gap, reports UkrAgroConsult.

In view of this season’s peculiarities, UkrAgroConsult forecasts soybean exports at 2 MMT.

The range of destinations for Ukrainian soybean exports remains stable this season. Some half total exports (47%) are absorbed by Turkey and 18% by Belarus, while the EU is just third with a market share of 17%. As a reminder, the European Union has switched to soybeans of American origin, while Belarus, on the contrary, steps up feedstock imports to keep its crushers operating. The top list of importers underwent some changes: Iran gave up importing Ukrainian soybeans and Egypt slashed purchases more than by half.

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