“In the food & agriculture segment, higher prices have been offset by lower volumes, resulting in a 3.3% yoy total decrease in exports,”

writes Oleksiy Blinov, Alfa’s research head. “Sunflower volume exports are up only 1.5% yoy in March, but the export price has more than doubled.” Similarly, higher grain export prices have compensated for a 23% yoy drop in grain export volumes.