The Russian invasion of Ukraine has had large knock-on effects on global trade. Energy prices have spiked, and the sharp rise in wheat has prompted fears of a food crisis.
Although rising energy prices already have a knock-on effect on many industries, oil, gas and wheat aren’t the only items traded out of Russia and Ukraine. Many nearby nations will also be feeling direct supply chain disruption in other industries, including the ship industry.
With Ukraine, trade has become more difficult as supply lines have been blocked, and many industries have struggled due to bombings and a lack of labour as people have fled the country or joined the military.
Many countries and companies have also ceased trading with Russia, either due to sanctions or business choices. However, not all countries will have ceased trading.
What are the main commodities traded with Russia and Ukraine in the ship industry?
Not including trade between the two nations, within the drinks manufacturing sector, around 0.1% of global imports of Ships, boats and floating structures comes from Ukraine.
Looking at global exports to Russia, the most-traded commodities are Ships’ or boats’ propellers and blades therefor (0.8%).
That’s followed by Ships, boats and floating structures (0.8%).
Which countries' ship industry could be most affected by the war?
When it comes to the ship industry, the country that has the largest proportion of imports from Ukraine is Belarus (11.3% of the country’s ship industry imports worldwide).
That's followed by Slovakia (6.1%), and Hungary(6%).
From Russia, the countries that import the most are Belarus (44.6%), Kazakhstan (34.5%), and Uzbekistan (33.7%).