Ukraine reports record high flaxseed exports in MY 2016-2017

"The positive dynamics typical of the second half of the season allowed record exports of flaxseeds, which stood at 63,000 tonnes, being 57.5% up against the previous marketing year (40,000 tonnes)," the report says.

Exports of Ukrainian flaxseeds for oil totaled 3,600 tonnes in August 2017, which was 44% up year-over-year (y-o-y) and over 2.5 times higher than in July 2017.

Ukrainian exporters significantly diversified markets for sales of this commodity in MY 2016-2017. Fifty countries imported Ukrainian flaxseeds during the season.

Read alsoUkraine may see oil price hikes due to poor yield of sunflower seedsThus, Hungary accounted for 44% of Ukrainian flaxseed exports, while the share of EU countries was 34%, that of Turkey 8%, and Egypt 5%. Opening new markets such as Nepal, Pakistan, Bangladesh, Hong Kong, Singapore, Thailand and others was a trend of the 2016-2017 season.

As UNIAN reported, according to the Agrarian Policy and Food Ministry, Ukraine exported agricultural products worth US$11.5 billion in the first eight months of 2017, which was 24.5% up y-o-y. The major staples became sunflower, safflower, and cottonseed oils with a share of 26.25% of the total agricultural exports, as well as maize (20.34%), wheat and wheat blend (12.87%), poultry (2.29%) and others. The ministry predicts Ukraine's farm produce exports could grow by 15-20% in 2017 against 2016.