Ukraine is a very open economy, with a share of foreign trade in the country’s GDP of 99% in 2018 (World Bank). Ukraine is the world’s fifth largest exporter of grains and one of the main exporters of iron and steel.
The State Statistics Service of Ukraine has published the data on external trade in goods of Ukraine for 10months of 2019. The main results are as follows:
- Ukraine's trade with the EU is increasing, although at a slower pace(exports from Ukraine +6.1% year-on-year, imports from the EU +7.9% y-o-y);
- Exports to the Rest of the World are also increasing (+11.1% y-o-y excluding Russia, which itself is decreasing by –9.7%);
- All combined, total exports are increasing (+7.4% y-o-y);
- The EU is maintaining its position as the first export market of Ukraine (41.9% of total exports), with Russia at 6.6% and the Rest of the World at 51.6%;
- Total imports are increasing by 7.1% (+7.9% y-o-y from the EU, -11.1% y-o-y from Russia, +12.1% y-o-y from the Rest of the World);
- China consolidates its position as the first export and import partner of Ukraine. Poland is the second export destination of Ukraine and Russia is the second import partner of Ukraine (within the EU, Germany is the first import partner of Ukraine);
- Ukraine is in trade deficit which reached –8.46bn USD in the period of January –October 2019 (+ 5.8% y-o-y).