It is highly possible Ukraine will raise its flour exports by 20% to around 480,000 tonnes this season, making it the sixth largest supplier globally, analyst UkrAgroConsult said on Tuesday.

"The factors driving the development specifically of exports include a limited and shrinking domestic market and the need for currency earnings," the consultancy said in a report, Successful Farming wrote.

Ukraine is likely to produce around 1.9 million tonnes of flour in the current 2017/18 season. Wheat flour accounts for more than 95 percent of the total volume.

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Read alsoUkraine triples grain exports in seven yearsThe main markets for Ukrainian flour are mostly Asian and African countries, including China, which buys about 25-30 percent of its total exports before re-exporting the commodity to North Korea, UkrAgroConsult said.

The number of export destinations for Ukrainian flour has doubled over three years, reaching 87 countries in the 2016/17 season.