China is Ukraine’s Largest Trading Partner, Exports of IT +35%

China is Ukraine’s Largest Trading Partner, Exports of IT +35%

China consolidated its new position as Ukraine’s top single nation trading partner. Ukraine’s exports to China grew 28% yoy, to $6.1 billion. Ukraine’s imports from China grew by 30%, to $7.6 billion. Ukrainian exports to the EU jumped by 54%, to $19.4 billion, or 40% of Ukraine’s overall exports of goods.   Turkey came in third place, with exports up by 66%, to $2.75 billion. For imports, Germany came in second place, rising by 16.5%, to $4.5 billion, and Russia came in third, rising by 19%, to $4 billion.In global trade, Ukraine’s trade deficit in goods shrank by 38%, to $2 billion. Imports were up by 32%, to $50.35 billion.

Exports of IT services have increased by 35% during the first three quarters, to $4.8 billion. IT now accounts for 38% of Ukraine’s total exports of services, up 24% last year. Since 2020, the number of IT companies in Ukraine has increased by 22% and the number of workers by 40%.

Ukraine’s real GDP in the third quarter of 2021 grew by 2.4% compared with 5.7 % growth in the third quarter of 2020.

Ukraine- EU cooperation plan with € 2.3 bln investment package. At a meeting with EU Neighborhood and Enlargement Commissioner Oliver Vargei, Ukrainian Foreign Minister Dmytro Kuleba discussed the Eastern Partnership’s economic and investment plan. The plan is backed by a € 2.3 bln investment package in the form of grants, guarantees and mixed instruments, with the possibility of attracting up to € 17 bln of public and private investment.


Related posts

Ukrainian 2021 GDP Hits New High

Ukraine’s GDP Sets a Record for 2021, With External Borrowing Lower and +45% Increase in the...

Continue reading

Turkey and Ukraine Sign FTA

A Free Trade Agreement (FTA) between Turkey and Ukraine has been signed eliminating customs on...

Continue reading

Another Record Harvest

For the fourth year in a row, Ukraine has beaten its agricultural export record. In 2021, Ukraine...

Continue reading