Ukraine’s trade turnover in 2024 amounted to $112.3 billion

In 2024, Ukraine’s trade turnover increased by 13% compared to 2023, from $99.4 billion to $112.3 billion. This is evidenced by data from the State Customs Service.

During the year, Ukraine imported $70.7 billion worth of goods and exported $41.6 billion. At the same time, taxed imports amounted to $57.4 billion, which is 81% of the total volume of imported goods.

Among the countries from which Ukraine imported the most goods: China – $14.4 billion, Poland – $7 billion, and Germany – $5.4 billion. Ukraine exported most of its goods to Poland – by $4.7 billion, Spain – by $2.9 billion, and Germany – by $2.8 billion.

In the total volume of goods imported in 2024, 65% were:

• machines, equipment and transport – $25 billion;
• products of the chemical industry – $11.7 billion;
• fuel and energy products – $8.9 billion.

The top three most exported goods from Ukraine were food products ($24.6 billion), metals and steel products ($4.4 billion), and mineral machinery, equipment, and transport ($3.5 billion).

The customs clearance of exports of goods subject to export duties resulted in UAH 311.3 million paid to the budget.

According to Taras Kachka, Ukraine’s trade representative, the main drivers of import growth last year were electricity – $669 million (+333% y/y), batteries – $950 million (+103% y/y), transformers – $596 million (+108% y/y), UAVs – $1.2 billion (+77% y/y), and petroleum products – $6.8 billion.

“So energy challenges and defense are the main drivers of imports. The drivers are completely inelastic. A significant reduction in the trade deficit is directly related to the development of the defense industry and the restoration of energy infrastructure,” Kachka added.

Iron ore became the leader in terms of export shipments, with 33.6 million tons (+89% y/y). Revenue reached $2.8 billion (+58% y/y). Export revenue growth for key steel products was 52% for semi-finished products ($927 million), 38.9% for hot-rolled products ($809 million), 125% – for pipes ($590 million), 6.1% – for pig iron ($500 million) and 19.3% – for bars ($156 million).

“Geographically, our exports are becoming more EU-centric, which is logical. Trade with Turkey is declining. Instead, imports from China are growing at a significant pace. And this is the main area of turbulence in our trade policy, because trade with China may undergo radical changes due to the expected measures of the new US administration, which will spread around the world and lead to the recalibration of tariff rates within the WTO,” summarizes Taras Kachka.

As GMK Center reported earlier, in 2023, Ukraine’s trade turnover amounted to $99.4 billion. In particular, the country imported goods worth $63.5 billion and exported $36 billion. Taxed imports amounted to $52.6 billion, which is 83% of the total volume of imported goods. The largest share of imports was accounted for by machinery, equipment and transport ($19.8 billion), and exports were food products ($21.8 billion).