That dollar amount reflects a -27.7% setback from $50.1 billion worth 5 years in 2019.
Year over year, the value of Ukraine’s exports slipped by -18.6% compared to $44.4 billion starting from 2022.
Based on the average exchange rate for 2023, the Ukrainian hryvnia diluted by -41.5% against the US dollar since 2019 and depreciated by -13.1% from 2022 to 2023. Ukraine’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
Ukraine ships its products to roughly 185 countries, islands or territories.
Mainland China was the number 3 importer of Ukrainian exported products in 2023, accounting for 5.4% of worldwide spending on Ukrainian exports.
Russia placed as Ukraine’s twentieth-biggest customer in 2022, but consumed no imports at all from the Ukraine in 2023.
Led by Poland and Romania, the 27-member European Union accounted for 64.7% of worldwide spending on products that Ukraine exported during 2023. That percentage eclipses the 63.1% in 2023.
List of Largest Trading Partners of Ukraine
Below is a list showcasing 25 of Ukraine’s top import partners, geographic entities that imported the most Ukrainian shipments by dollar value during 2023. Also shown is each import country’s percentage of total Ukrainian exports.
- Poland: US$4.8 billion (13.2% of total Ukrainian exports)
- Romania: $3.8 billion (10.4%)
- mainland China: $2.41 billion (6.7%)
- Türkiye: $2.37 billion (6.5%)
- Germany: $2.02 billion (5.6%)
- Spain: $2.01 billion (5.5%)
- Italy: $1.54 billion (4.2%)
- Netherlands: $1.49 billion (4.1%)
- Hungary: $1.18 billion (3.3%)
- Egypt: $1.09 billion (3%)
- Slovakia: $1.07 billion (3%)
- Czech Republic: $996 million (2.8%)
- Bulgaria: $904.6 million (2.5%)
- Moldova: $818.9 million (2.3%)
- Lithuania: $628.2 million (1.7%)
- Austria: $606.6 million (1.7%)
- India: $542.8 million (1.5%)
- United States: $521.3 million (1.4%)
- France: $483.4 million (1.3%)
- United Kingdom: $359.5 million (1%)
- Belgium: $359.1 million (1%)
- Latvia: $323.7 million (0.9%)
- Israel: $305.6 million (0.8%)
- Saudi Arabia: $291.1 million (0.8%)
- Kazakhstan: $265.1 million (0.7%)
By value, 86% of Ukrainian exports in 2023 was delivered to the listed 25 trading partners.
Growth importers of Ukrainian exported products were Egypt (up 34.3% from 2022 to 2023), Spain (up 27.3%) then Latvia (up 8.5%).
In contrast, purchases of Ukraine’s exports by Hungary fell by -48% from 2023 while the United States of America cut back on its imports from Ukraine by -41.6% and from India by -39.2%.
Ukraine’s Trade Surpluses by Country
Ukraine generated the greatest amounts of black ink trading with the following trade partners in 2023.
- Romania: US$2.2 billion (country-specific trade surplus in 2023)
- Spain: $1.1 billion
- Egypt: $883.7 million
- Moldova: $657 million
- Netherlands: $455.8 million
- Lebanon: $233.3 million
- Iraq: $193.5 million
- Portugal: $153.4 million
- Tunisia: $123.2 million
- Libya: $106.8 million
Ukraine enjoyed the strongest gains in surpluses trading with Portugal (up 103% from 2022), Egypt (up 38.8%) and Spain (up 27.7%).
Ukraine’s Trade Deficits by Country
Listed below are the countries that created the worst trade deficits for the Ukraine during 2023.
- mainland China: -US$8 billion (country-specific trade deficit in 2023)
- Germany: -$3 billion
- Türkiye: -$2.4 billion
- United States: -$2.3 billion
- Poland: -$1.8 billion
- India: -$1.34 billion
- Bulgaria: -$1.32 billion
- France: -$1.28 billion
- Greece: -$1.1 billion
- Japan: -$873.2 million
Causing triple-digit increases in Ukrainian trade deficits were Türkiye (up 470.9% from 2022) and Bulgaria (up 110%).
In addition, Ukraine went from generating a $1.21 billion surplus trading with Poland to incurring a -$1.82 trade deficit for 2023.
See also Ukraine’s Top 10 Exports, Ukraine’s Top 10 Imports and Capital Facts for Kiev, Ukraine
Research Sources:
Central Intelligence Agency, The World Factbook report on Europe: Ukraine. Accessed on October 31, 2024
Forbes 2023 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 31, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 31, 2024
International Trade Centre, Trade Map. Accessed on October 31, 2024
Investopedia, Net Exports Definition. Accessed on October 31, 2024
Wikipedia, List of the biggest companies of Ukraine. Accessed on October 31, 2024
Wikipedia, List of companies of Ukraine. Accessed on October 31, 2024
Wikipedia, Ukraine. Accessed on October 31, 2024