For January-February 2026 export of iron ore from Ukraine decreased by 40.9% year-on-year. Foreign currency revenue fell by 42.1% to $260 million, the lowest level since 2023.
Fall in exports and foreign exchange earnings
In January-February 2026, Ukraine exported $260 million tonnes of iron ore, down 42.1% from the same period in 2025.
In February, export revenues decreased by 50.6% yoy and amounted to $99.9 million, the lowest level since 2023.
China and Poland remain the main markets. Exports to China fell by 56% and to Poland by 45%.
- Jan-Feb 2026: exports -40.9% yoy
- Foreign currency revenue: $260 million (-42.1%)
- February: $99.9 million (-50.6%)
- China: -56% exports
- Poland: -45% exports
Reasons for the decline in exports
The main reason for the decline in exports was power outages following massive attacks on the energy system. This led to restrictions on the operations of mining and processing plants.
Metallurgy remains one of the key contributors to the budget. The industry's largest companies have paid UAH 190 billion in taxes over the past 5 years.
A drop in exports means a direct loss of foreign exchange earnings and budget revenues. This negatively affects the financial stability of the industry and the country.
Context.
The iron ore industry has traditionally been one of Ukraine's main exports. Since 2023, ore exports have not fallen to such low levels.
The operating environment for businesses has become significantly more difficult due to energy attacks. This affects production and exports in the steel sector.
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