Ukraine’s Top Trading Partners

Ukraine monument in Kiev

Monument in Kiev

Ukraine shipped US$43.4 billion worth of products around the globe in 2017. That figure represents roughly 0.3% of overall global exports estimated at $15.952 trillion as of February 2, 2018.

From a continental perspective, 54.9% of Ukrainian exports by value were delivered to fellow European countries while 32.5% were sold to Asian importers. Ukraine shipped another 9.2% worth of goods to Africa, with 2.3% to North America and 0.4% to Latin America excluding Mexico but including the Caribbean.

Ukraine’s Top 15 Trading Partners

Top 15

Below is a list showcasing 15 of Ukraine’s top import partners, countries that imported the most Ukrainian shipments by dollar value during 2017. Also shown is each import country’s percentage of total Ukrainian exports.

  1. Russia: US$3.9 billion (9.1% of total Ukrainian exports)
  2. Poland: $2.7 billion (6.3%)
  3. Turkey: $2.5 billion (5.8%)
  4. Italy: $2.5 billion (5.7%)
  5. India: $2.2 billion (5.1%)
  6. China: $2.1 billion (4.9%)
  7. Egypt: $1.8 billion (4.2%)
  8. Germany: $1.8 billion (4%)
  9. Netherlands: $1.7 billion (3.9%)
  10. Hungary: $1.3 billion (3.1%)
  11. Spain: $1.3 billion (2.9%)
  12. Belarus: $1.1 billion (2.6%)
  13. Romania: $844.2 million (1.94%)
  14. United States: $834 million (1.92%)
  15. Czech Republic: $715.4 million (1.6%)

Almost two-thirds (63.1%) of Ukrainian exports in 2017 were delivered to the above 15 trading partners.

Egypt was the only top importer that decreased its purchases from Ukraine from 2016 to 2017, down in value by -19.2%.

Among the other 14 countries, year-over-year gains ranged from a minimum of 9.8% for Russia up to 95.1% for United States.

Deficits

Overall Ukraine incurred a -$6 billion trade deficit in 2017, up from -$2.9 billion in red ink one year earlier.

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

Ukraine incurred the highest trade deficits with the following countries:

  1. China: -US$3.5 billion (country-specific trade deficit in 2017)
  2. Germany: -$3.4 billion
  3. Russia: -$3.3 billion
  4. Belarus: -$2.1 billion
  5. United States: -$1.6 billion
  6. Switzerland: -$1.4 billion
  7. France: -$1.1 billion
  8. Poland: -$617.6 million
  9. Japan: -$487.1 million
  10. Sweden: -$347.9 million

Among Ukraine’s trading partners that cause the greatest negative trade balances, Ukrainian deficits with Russia (up 109%), Switzerland (up 61.8%) and Japan (up 32.9%) grew at the fastest pace from 2016 to 2017.

These cashflow deficiencies clearly indicate Ukraine’s competitive disadvantages with the above countries, but also represent key opportunities for Ukraine to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

Ukraine incurred the highest trade surpluses with the following countries:

  1. Egypt: US$1.8 billion (country-specific trade surplus in 2017)
  2. India: $1.6 billion
  3. Turkey: $1.3 billion
  4. Netherlands: $1 billion
  5. Italy: $864.7 million
  6. Spain: $684.3 million
  7. Moldova: $605.3 million
  8. Algeria: $530.3 million
  9. Iran: $482.5 million
  10. Iraq: $479.3 million

Among Ukraine’s trading partners that generate the greatest positive trade balances, Ukrainian surpluses with Netherlands (up 133.7%), Algeria (up 130.6%) and Italy (up 50.6%) grew at the fastest pace from 2016 to 2017.

These positive cashflow streams clearly indicate Ukraine’s competitive advantages with the above countries, but also represent key opportunities for Ukraine to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Ukrainian Import Partners

Not one Ukrainian corporation ranks among Forbes Global 2000 for 2015.

The following companies are selected examples of companies headquartered in Ukraine:

  • Metinvest (mining, metals)
  • Naftohaz of Ukraine (oil, gas)
  • Aeromeh (aircraft)
  • Azovstal iron and steel works (iron, steel)
  • Bogdan group (automobile maker)
  • Chumak (food processing)
  • EKTA (LED displays, imaging equipment/software)
  • Motor Sich (engines)
  • Ukrainian Automobile Corporation (automobile maker)
  • Ukrtatnafta (refined oil)
  • Zaporizhstal (steel)


 

See also Ukraine’s Top 10 Exports, Ukraine’s Top 10 Imports and Capital Facts for Kiev, Ukraine

Research Sources:
The World Factbook, Field Listing: Imports – Commodities, Central Intelligence Agency. Accessed on September 13, 2018

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on September 13, 2018

Investopedia, Net Importer Definition. Accessed on September 13, 2018

Wikipedia, List of the biggest companies of Ukraine. Accessed on September 13, 2018

Wikipedia, List of companies of Ukraine. Accessed on September 13, 2018

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 13, 2018