The National Bank assessed Ukraineʼs losses due to blockades on the border with Poland

Oleksandra Amru

Direct losses of goods exports from Ukraine in the first month of the blockade on the border with Poland amounted to $160 million, while imports — $500 million.

This was reported in the National Bank of Ukraine.

In the future, it was possible to partially compensate for the loss of imports by increasing supplies by other means, and exports — by launching and increasing the capacities of the new sea corridor.

Thanks to the full operation of the new sea corridor, Ukraine will be able not only to compensate for losses from the blockade of borders and the introduction of grain licensing, but also to return to traditional foreign markets, the NBU notes.

In recent months, Ukrainian food is returning to the markets of Asia and Africa, and metallurgical products to the markets of Asia and America.

The NBU assumes that the border blockade will end in the second quarter of 2024 and will not lead to significant losses for exporters.

The negative impact on the activities of importing enterprises will also not be long-lasting and will be compensated by the use of stocks and certain replenishment of supplies in the following periods.

  • From November 2023, Poles periodically block checkpoints on the border with Ukraine. Polish transporters, and then farmers, have been obstructing the movement of trucks for varying lengths of time, demanding from their authorities and the European Union to improve working conditions and preferences. They are asking for a ban on the import of agricultural products from Ukraine that do not meet EU standards, the return of the permit system for Ukrainian transporters, subsidies for fertilizers, compensation for excise duty on fuel, payment of subsidies, and have other demands that have nothing to do with Ukraine.