Ukraine's trade turnover increased by 13% to USD 112.3 billion in 2024, compared with USD 99.4 billion in 2023, according to data from the State Customs Service, the CFTS portal reports.
Ukraine imported goods worth USD 70.7 billion and exported goods worth USD 41.6 billion in 2024. During the year, taxable imports amounted to USD 57.4 billion or 81% of the total volume of imported goods.
The countries from which Ukraine imported the largest volumes of goods were China (goods worth USD 14.4 billion), Poland (USD 7 billion), and Germany (USD 5.4 billion). The countries to which Ukraine imported the largest volumes of goods were Poland (USD 4.7 billion), Spain (USD 2.9 billion), and Germany (USD 2.8 billion).
In 2024, 65% of the total volume of imported goods comprised machinery, equipment, and vehicles (USD 25 billion), chemical products (USD 11.7 billion), and fuel and energy products (USD 8.9 billion). The top three goods exported from Ukraine were food products (USD 24.6 billion), metals and metal products (USD 4.4 billion), mineral machinery, equipment, and vehicles (USD 3.5 billion).
State budget revenues from customs duties on exported goods amounted to UAH 311.3 million.
According to Ukraine's Trade Representative Taras Kachka, the main drivers of last year’s import growth were electricity (USD 669 million, +333% year-on-year), batteries (USD 950 million, +103% year-on-year), transformers (USD 596 million, +108% year-on-year), drones (USD 1.2 billion, +77% year-on-year), and petroleum products (USD 6.8 billion).
"Thus, energy challenges and defense were the primary drivers of imports. These drivers are completely inelastic. The significant reduction in the trade deficit is directly related to the development of the defense industry and the restoration of the energy infrastructure," Kachka said.
The leading export shipment was iron ore (33.6 million tons, +89% year-on-year). Revenue from iron ore exports reached USD 2.8 billion (+58% year-on-year). Revenues from the export of major metallurgical products increased by 52% for semi-finished products (USD 927 million), 38.9% for hot-rolled products (USD 809 million), 125% for pipes (USD 590 million), 6.1% for pig iron (USD 500 million), and 19.3% for bars (USD 156 million).
