Export of Ukrainian goods to the European Union increased by 25% while exports to Russia reduced by 23.1% in the period of May-June this year. The European Union’s Delegation to Ukraine announced this in a statement, citing data from Ukraine’s State Statistics Service.

As reported, the European Union temporarily lifted import duties on almost all products from Ukraine at the end of April. Thus, the figures for the period of May-June show a partial reorientation of the Ukrainian economy to the European Union market.

In particular, Ukraine exported goods worth USD 2.935 billion to the European Union in May-June 2014, which is USD 587 million more than it exported in the same period of 2013. In the same period, Ukraine exported goods worth USD 1.969 billion to Russia, which is USD 592 million less than it exported in May-June last year.

According to the European Union’s Delegation to Ukraine, although the data on exports to Russia and the European Union and are not directly dependent on each other, fears that Ukraine will not be able to compensate for the loss of the Russian market have been exaggerated.

Overall, Ukraine’s exports to Russia reduced by USD 1.856 billion or 24.5% to USD 5.706 billion while its exports to the European Union increased by USD 1.149 billion or 13.8% to USD 9.457 billion in the first half of this year, compared with the same period of last year.

In addition, Ukraine’s exports to Kazakhstan reduced by 52.5% to USD 524 million (minus USD 579 million) and its exports to Belarus reduced by 20.2% to USD 802 million (minus USD 203 million).