Ukraine’s Agrarian Policy Ministry has confirmed that the 2018 grain harvest has set a new national record. With 98% of crops harvested, the overall total now stands at 68.5 million tons. This is significantly higher than the previous record of 66 million tons established in 2016, with growth attributed to favorable weather conditions and the introduction of greater efficiency measures as Ukraine’s agricultural sector continues to modernize.
Individual Ukrainian agribusinesses have also reflected this bumper harvest in their results and forecasts. According to Reuters, leading Ukrainian agribusiness Kernel has recently upwardly revised the company’s grain exports for the 2018-19 season from 5.4 million tons to 6.2 million tons.
Ukraine’s agricultural exports have grown at an impressive rate in recent years to occupy an increasingly large share of the country’s overall exports, currently accounting for approximately 17% of Ukrainian GDP.