Ukraine’s Aluminium Trade Surges Amid Increased Imports and Exports in 2024

Ukraine saw a significant rise in aluminium trade in 2024, with imports and exports both showing strong growth despite ongoing geopolitical challenges. According to the State Customs Service of Ukraine, aluminium and aluminium product imports increased by 21.7% year-on-year, totaling US$446.006 million, including US$36.943 million in December alone. Exports also rose, climbing 27.4% year-on-year to US$124.408 million, with December contributing US$8.426 million.

In the first six months of 2024, aluminium exports reached US$54.175 million, up by 12.8% compared to the same period in 2023. June exports alone were valued at US$10.383 million, highlighting steady growth in trade.

Ukraine’s bauxite imports also surged in monetary terms, increasing by 50.9% (US$2.681 million) from January to October, marking a 46.8% year-on-year rise. Turkey accounted for 70.31% of the bauxite imports in monetary terms, followed by China with 26.67%. Bauxite is a critical raw material used to produce alumina, a key component in aluminium production.

The Mykolaiv Alumina Plant (MAP), Ukraine’s primary importer of bauxite, remains shut due to the ongoing geopolitical crisis. Despite this, bauxite imports have grown, with Ukraine importing 6.772 million tonnes of aluminium ore and bauxite concentrate from January to July 2024, a 5% increase compared to the same period last year. Imports over the last three months have contributed significantly to this increase.

Industry experts note that bauxite from Turkey, often used in cement production as a source of alumina, iron, and silica, may be redirected to support Ukraine’s reconstruction efforts. “With massive destruction affecting Ukraine, they certainly need a lot of cement and concrete, so cement would be operating for sure,” said one expert. “While I can't be 100% confident, I'm quite sure this is where Ukraine’s bauxite imports go.”