Ukraine’s trade deficit in goods and services decreased by 14.4 times in 2020 compared to 2019 — from $3.7 billion to $255.5 million, according to the State Statistics Service.
In 2020, Ukraine exported goods worth $49.2 billion, a 800-million decrease compared to the previous year. Ukraine imported much less in 2020, which is why the trade deficit has dropped that much: it imported $54 billion worth of goods, $7 billion less than in 2019.
Ukraine traded with 234 countries in 2020, compared to 224 in 2019. The leading trade partners continued to be China, Russia, Germany and Poland. Agricultural products remain Ukraine’s largest export.
China remained Ukraine’s top trade partner once again: Ukraine exported $7.1 billion worth of goods to China and imported $8.3 billion.
Poland was its second largest trade partner, with $3.24 billion worth of exported goods and $4.1 billion in imports.
Despite Russia’s ongoing war in the Donbas, Russia is Ukraine’s number three trade partner with $2.7 billion in exports and $4.5 billion in imports of goods.
At the same time, export to the European Union decreased by 10.3 % for the first time in several years. Exports decreased from $20.7 billion in 2019 to $18.6 billion in 2020. Imports decreased from $25 billion to $23.5 billion.
Trade with the EU makes up Ukraine’s largest trade deficit at $4.8 billion — $3.26 billion of which is with Germany.
But according to Economy Minister Igor Petrashko, “the most important indicators are the phenomenal growth of Ukrainian products exported to Vietnam and China.”
Ukrainian exports to Vietnam amounted to 1.8 billion — a 93% increase from 2019; exports to China, amounting to 7.1 billion, increased by 98% from the previous year.
The pandemic harmed Ukraine’s international trade in services, as was expected, the Economy Ministry stated.
Export of services from Ukraine amounted to $11.2 billion in 2020, a 28.5% decrease, while imports of services to Ukraine amounted to $5.2 billion, a decrease of 25% from 2019.
The balance of foreign trade in services in 2020 was positive and amounted to $6 billion. In 2019, the balance was also positive and amounted to $8.7 billion.
Ukraine exported $2.62 billion in services to Russia, $1.39 billion to the United States, and $732 million to Switzerland. Ukraine mainly exported transport, telecommunications, computer and information services.
Ukraine mainly imported services from the United Kingdom, the U.S. and Turkey. Ukraine’s major imports of services included transport services, business services, and state and government services.
