Agricultural trade turnover between Ukraine and South Korea reaches $200M a year

Minister of Agrarian Picy and Food of Ukraine Vitalii Koval said this at a meeting with a delegation from the South Korea, Ukrinform reports citing the Ministry of Agrarian Picy.

“Currently, the trade turnover between Ukraine and the Republic of Korea in the agricultural sector is only USD 200 million a year. Ukraine supplies corn, wheat, and sunflower oil. Therefore, there are prospects for expanding coeration in deep agro-processing,” Koval said.

The Ukrainian minister also underscored the considerable price differential between Ukrainian agricultural products for export and those from other global markets. He noted that while one tonne of Ukrainian agricultural products costs USD 309, the same quantity exported from Italy costs USD 2,970 and from Pand, USD 1,560. It is therefore important to switch to deep processing in order to become more competitive on the global market and increase the price of exports. He expressed his willingness to expand coeration in the agricultural sector with the Republic of Korea, which has extensive experience in processing.

During the meeting, the parties also discussed other potential areas for coeration.

In addition, Ukraine is rapidly develing the sector of fast-preparing food products, while Korea already has the experience and modern technogies in this field. By combining their resources, the two countries can produce and export these products to third countries.

Another area of focus is the production of agricultural machinery, such as low-power tractors.

Koval extended an invitation to the Korean delegation to participate in President Vodymyr Zelensky's humanitarian initiative, Grain from Ukraine, which aims to provide assistance to countries facing acute food shortages.

In turn, representatives of the Republic of Korea have expressed their willingness to extend support to Ukraine and to expand coeration in the agricultural sector.

As reported, South Korea plans to provide humanitarian aid worth USD 6 million under the Grain from Ukraine initiative.