Ukrainian farm sector losses doubled to $80 bln by end-2023, analysts say

Credit: REUTERS/GLEB GARANICH

KYIV, Feb 21 (Reuters) - The Ukrainian agricultural sector has suffered almost $80 billion in direct and indirect losses from Russia's invasion, analysts from the Kyiv School of Economics (KSE) said on Wednesday.

At the beginning of January 2023, analysts estimated such losses at $38 billion.

Ukraine is a major global grain grower and exporter but large areas of its east and south have been fought over, occupied and mined since Russia invaded in February 2022.

Using data from the Ukrainian government and other sources, the KSE analysts said the Ukrainian farm sector's direct losses had reached $10.3 billion as of Dec. 31, 2023 compared to $7.8 billion a year earlier.

The figure included losses of $5.8 billion from the destruction of equipment, $1.8 billion from damage to silos and almost $2 billion from ruined agricultural products.

Analysts estimated that indirect losses, including from lost output, reduced exports, higher production costs and the remediation of damaged soil, were around $69.8 billion.

(Reporting by Pavel Polityuk; Editing by Kirsten Donovan)

((pavel.polityuk@tr.com; +380 44 2449150; Reuters Messaging: pavel.polityuk.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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