Ukrainian maritime grain exports are projected to decrease by approximately 20% in January due to the Red Sea crisis and New Year holidays, according to a senior Ukrainian government official. This setback follows a record-high export of food in December, raising concerns amidst ongoing tensions in the Red Sea. The attacks by Houthi militia have disrupted trade between Asia and Europe, prompting U.S. strikes to safeguard shipping routes. Passage through the Red Sea is crucial for Ukraine, and the potential decline poses challenges, especially as a significant portion of exports is destined for China. The country, a major global food producer, harvested 80 million metric tons in 2023, with a combined grain and oilseed exportable surplus of about 50 million tons for the 2023/24 season.

SOURCE:HELLENIC SHIPPING NEWS