Ukraine’s economy demonstrates positive trends in foreign trade. In October 2024, the export of goods increased to $3.8 billion, which is 18% higher compared to September. Overall, for the first 10 months, the export reached $34.6 billion, surpassing the figures of the same period in 2023, when it was $29.8 billion.
Key Indicators of Foreign Trade
According to the Ministry of Economy data, Ukraine’s total trade turnover for January to October 2024 was $92 billion, which is 12% higher than in 2023. Export increased by 16%, import by 10%. However, the trade balance remained negative at $22.8 billion.
Ukraine’s Key Trading Partners
In 2024, Ukraine’s main trade partners remain the European Union countries, accounting for 60% of exports and 50% of imports. The share of Asian countries and the USA is also significant. On the other hand, trade with CIS countries decreased to a minimum, comprising only 4% of exports and 1% of imports.
Among the top buyers of Ukrainian products are Poland ($4 billion), Germany ($2.4 billion), and Spain ($2.4 billion). The largest suppliers of goods to Ukraine were China ($11.6 billion), Poland ($5.6 billion), and Germany ($4.4 billion).
What Does Ukraine Export and Import?
Export:
- Agricultural and food products – $20.3 billion
- Metal products – $3.8 billion
- Machinery, equipment, and vehicles – $2.9 billion
Import:
- Machinery, equipment, and vehicles – $20.3 billion
- Chemical industry products – $9.3 billion
- Fuel and energy resources – $8.7 billion
Reasons for Export Growth
Export is increasing due to significant volumes of agricultural product supply. In October, 8 million tons of cargo passed through the seaports of Ukraine, which is 60% more than in October 2023. Grain transport increased by 42.9%, and ore cargoes doubled.
Road transport increased exports by 17%, reaching 385 thousand tons, while rail transport transported 15.1 million tons, which is 9% more than in September.
Forecasts for 2025
Analysts predict that in 2025, the export volume will remain at $39.8 billion, while imports could rise to $71.2 billion. The main drivers of import growth will continue to be the defense sector needs, infrastructure restoration, and demand for energy resources.
The growth of agricultural product exports will continue, but competition in global markets may reduce the share of metallurgical products. Labor shortages will also impact the export of machinery and chemical industry products.
Despite all the challenges, Ukraine’s foreign trade demonstrates resilience. The country’s economic strategy allows adaptation to changes in global markets, and the positive export dynamics open up new development prospects.
