Since the first ship left Ukraine under the deal brokered by the United Nations and Turkey to unblock Ukrainian sea ports on Aug. 1, Ukraine has exported more than 1.5 million tons of agricultural products through the Black Sea, Ukrainian President Volodymyr Zelensky said.

“More than 1.5 million tonnes of our food have already been exported by sea from the three ports that became operational thanks to the grain export initiative," Zelensky said in his video address on 31st August. As part of the deal, 62 vessels have departed from Ukrainian ports and exported agricultural products to 18 countries, Ukrinform reported. Ukrainian grain traders union UGA said in a separate statement that corn dominated the overall export volume, accounting for 62%. Wheat accounted for 17% and barley for 6%. Ukraine has also exported rapeseed, sunseed, soybean and other commodities.

Ukraine's grain exports slumped after Russia invaded the country on Feb. 24 and blockaded its Black Sea ports, driving up global food prices and prompting fears of shortages in Africa and the Middle East. Three Black Sea ports were reopened under a deal signed on July 22 by Moscow and Kyiv. Ukraine's Agriculture Minister Mykola Solsky told Reuters that the country's agricultural exports could rise to 6 million-6.5 million tonnes in October, double the volume in July, as its sea ports gradually reopen.

For Ukrainian producers and exporters, the ability to ship stored grain at the ports that would otherwise be sitting idle, based on the current pace of exports, is significant. Few grain silos in Ukraine are equipped with aeration systems essential for long-term storage, putting farmers and exporters at risk of losing a significant share of their commodities, and in turn, the capital required for planting next season. While there is cautious optimism about the deal, several roadblocks exist, namely continuing conflict in and around port infrastructure, the demining of ports and routes, and persistent high logistical costs related to freight and insurance rates.

While exports via land have helped to alleviate the strain on storage capacity, production from the current wheat and barley crops and upcoming corn crop are expected to far exceed domestic consumption needs in a highly export-dependent country. Despite the roadblocks to the success of the Black Sea grain corridor, this potential relief valve for Ukrainian grain supplies comes at a timely moment, as exports historically pick up substantially over the next several months.