Ukraine increased exports to the European Union by 4.2% y/y in 2022 – Ministry of Economy

According to preliminary estimates of the Ministry of Economy, in accordance with the trade balance methodology, the export of goods to EU countries in 2022 increased by 4.2% compared to 2021 – up to $28 billion. This is stated in the press release of the department.

“This is extremely important in view of the diversification of logistics routes – and this is exactly the task we are setting for the future, in particular with the Recovery Plan. Ukraine will expand land transport corridors and exports to the EU and, accordingly, will be less dependent on sea exports, even after the unblocking and return of all ports. And, of course, this is important in view of the further economic integration into the EU markets, the involvement of Ukraine in the European chains of added value”, said the First Deputy Prime Minister – Minister of Economy Julia Svyridenko.

The growth of Ukrainian exports to the European Union became possible thanks to measures to support the Ukrainian economy as a whole. In particular, these are tax liberalization, deregulation, support for producers, export insurance with the help of ECA instruments.

In addition, exports increased thanks to measures taken by our partners unilaterally, or jointly by Ukraine and partners. This is, in particular, the opening of European markets for Ukrainian goods, the EU initiative Paths of Solidarity, customs visa-free, transport visa-free, etc.

In 2023, the dynamics of Ukraine’s foreign trade indicators will be formed in the direction of gradually making up for the losses incurred in 2022. The budget for 2023 envisages a 7.2% increase in the export of goods and services.

“We are determined to actively promote Ukrainian exports in foreign markets, work to further reduce barriers to the export of Ukrainian goods and services by supporting exports through the development of export lending, insurance and reinsurance instruments,” Yulia Svyridenko emphasized.

As GMK Center reported earlier, in 2022, Ukraine exported 99.8 million tons of goods. Marine transport provided 54% of the total volume of exports – 53.86 million tons, railway – 33.5%, 33.73 million tons, and road transport – 12%, 12 million tons.