That dollar amount results from a -6.1% decrease from $47.3 billion in 2018.
Year over year, the value of Ukraine’s exports shrank by over a third down by -34.7% compared to $68.1 billion during 2021.
Based on the average exchange rate for 2022, the Ukrainian hryvnia depreciated by -18.9% against the US dollar since 2018 and dropped by -18.5% from 2021 to 2022. Ukraine’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
The 5 most valuable exported products from Ukraine generated 41.9% of the Eastern European country’s total international sales in 2022. At the more detailed 4-digit Harmonized Tariff System (HTS) code level, Ukraine’s top money-making shipments were for: corn, sunflower-seed or safflower oil, iron ores or concentrates, wheat, then rape or colza seeds.
Ukraine’s Key Trading Partners
The latest available country-specific data shows that 43.4% of products exported from Ukraine were bought by importers in: Poland (9.8% of the global total), Romania (5.7%), Türkiye (4.3%), mainland China (3.7%), Hungary (3.34%), Germany (also 3.34%), Italy (2.4%), Spain (2.32%), Netherlands (2.27%), Slovakia (2.22%), Bulgaria (2.1%) and the Czech Republic (1.8%).
Ukraine shipped $492.8 million worth of products to the Russian Federation in 2022, down by 81.8% from 2021. The most valuable Ukrainian goods exported to Russia include inorganic chemicals, iron and steel, machinery including computers, and items made from plastic as well as plastics in the form of materials.
Ukraine spent $1.54 billion on products imported from the Russian Federation, down by -66.1% from 2021.
Ukraine’s biggest cash-generating imports from Russia are energy-related products led by processed petroleum oils and coal.
Ukraine posted an overall -$1.049 billion deficit trading with Russia in 2022, falling by -42.9% from -$2.7 billion in red ink one year earlier.
Shifting out to an overall continental perspective, 68.7% of Ukraine’s exports by value was delivered to fellow European countries while 23.7% was sold to importers in Asia. Ukraine shipped another 4.8% worth of goods to Africa.
Smaller percentages went to North America (2.3%), Latin America (0.4%) excluding Mexico but including the Caribbean, then Oceania (0.1%) led by Australia and New Zealand.
Given Ukraine’s population of 34.8 million people (down from 41.1 million), its total $44.4 billion worth of exports in 2022 translates to roughly $1,300 for every resident in the Eastern European nation. That dollar metric falls below an average $1,600 per capita for 2021.
Ukraine’s Top 10 Exports
The following export product groups represent the highest dollar value in Ukrainian global shipments during 2022, at the 2-digit HTS code level. Also shown is the percentage share each export category represents in terms of overall exports from Ukraine.
For a more detailed presentation of the top 100 goods exported from Ukraine, please see the section entitled Searchable List of Ukraine’s Most Valuable Export Products further down this article.
- Cereals: US$9.2 billion (20.6% of total exports)
- Animal/vegetable fats, oils, waxes: $6 billion (13.5%)
- Iron, steel: $4.6 billion (10.3%)
- Oil seeds: $3.8 billion (8.5%)
- Ores, slag, ash: $3.1 billion (6.9%)
- Electrical machinery, equipment: $2.6 billion (5.8%)
- Wood: $1.9 billion (4.3%)
- Machinery including computers: $1.2 billion (2.7%)
- Food industry waste, animal fodder: $1.1 billion (2.5%)
- Articles of iron or steel: $1.1 billion (2.4%)
Ukraine’s top 10 exports in terms of product category accounted for over three-quarters (77.4%) of the overall value of its global shipments.
Oil seeds garnered the sole increase among Ukraine’s top 10 export categories, up by 55.3% from 2021 to 2022.
The leading decliner among the remaining Ukrainian top export categories was for iron and steel, with sales for those metals plummeting -67.3% year over year.
Products Generating Greatest Trade Surpluses for Ukraine
The following types of Ukrainian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Cereals: US$9 billion (Down by -25.9% since 2021)
- Animal/vegetable fats, oils, waxes: $5.7 billion (Down by -13.7%)
- Iron, steel: $3.6 billion (Down by -70.9%)
- Oil seeds: $3.4 billion (Up by 72.3%)
- Ores, slag, ash: $3 billion (Down by -55.6%)
- Wood: $1.7 billion (Up by 8.3%)
- Food industry waste, animal fodder: $733.6 million (Down by -47.1%)
- Meat: $723.8 million (Up by 14.7%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $492.3 million (Up by 6.2%)
- Articles of iron or steel: $400 million (Up by 139.9%)
Ukraine has highly positive net exports particularly in the international trade of corn, wheat and barley. In turn, these cashflows indicate Ukraine’s strong competitive advantages under the cereals category.
Products Causing Biggest Trade Deficits for Ukraine
Ukraine incurred an overall -US$10.8 billion trade deficit in 2022, expanding by 126% from -$4.8 billion in red ink one year earlier in 2021.
Below are exports from Ukraine that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Ukraine’s goods trail Ukrainian importer spending on foreign products.
- Mineral fuels including oil: -US$11.8 billion (Down by -13.2% since 2021)
- Vehicles: -$5.1 billion (Down by -26.3%)
- Machinery including computers: -$3 billion (Down by -48.9%)
- Electrical machinery, equipment: -$2.4 billion (Down by -21.7%)
- Plastics, plastic articles: -$2 billion (Down by -22%)
- Pharmaceuticals: -$1.7 billion (Down by -39.4%)
- Other chemical goods: -$1.2 billion (Down by -23.6%)
- Optical, technical, medical apparatus: -$1 billion (Down by -21.5%)
- Rubber, rubber articles: -$729.9 million (Down by -33.5%)
- Fertilizers: -$626 million (Down by -39.9%)
Ukraine has highly negative net exports and therefore deep international trade deficits for refined petroleum oils, petroleum gases, coal and crude oil under the mineral fuels-related category.
Ukrainian Export Companies
The following companies are selected examples of leading companies headquartered in Ukraine. Wikipedia lists the biggest exporters from Ukraine. Selected examples are shown below.
- Aeromeh (aircraft)
- Azovstal iron and steel works (iron, steel)
- Bogdan group (automobile maker)
- Chumak (food processing)
- EKTA (LED displays, imaging equipment/software)
- Metinvest (mining, metals)
- Motor Sich (engines)
- Naftohaz of Ukraine (oil, gas)
- Ukrainian Automobile Corporation (automobile maker)
- Ukrtatnafta (refined oil)
- Zaporizhstal (steel)
Searchable List of Ukraine’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from Ukraine during 2022. Shown beside each product label is its total export value then the percentage increase or decrease since 2021.
| Rank | Ukraine Export Goods | 2022 Value (US$) | 2021-2 |
|---|---|---|---|
| 1 | Corn | $5,992,448,000 | +1.7% |
| 2 | Sun/safflower/cotton-seed oil | $5,492,560,000 | -14% |
| 3 | Iron ores, concentrates | $2,913,579,000 | -57.8% |
| 4 | Wheat | $2,678,054,000 | -47.2% |
| 5 | Rape/colza seeds | $1,551,024,000 | -8.3% |
| 6 | Insulated wire/cable | $1,328,189,000 | -16.4% |
| 7 | Sunflower seeds | $1,263,155,000 | +3124% |
| 8 | Iron or non-alloy steel products (semi-finished) | $1,191,279,000 | -70.9% |
| 9 | Hot-rolled iron or non-alloy steel products | $1,008,926,000 | -73% |
| 10 | Soya beans | $865,428,000 | +42.8% |
| 11 | Poultry meat | $858,856,000 | +19.9% |
| 12 | Miscellaneous oil cakes | $775,408,000 | -39.4% |
| 13 | Pig iron | $638,727,000 | -61.1% |
| 14 | Iron or steel tubes, pipes | $627,035,000 | -2.3% |
| 15 | Electrical energy | $589,179,000 | +129.3% |
| 16 | Iron ferroalloys | $582,187,000 | -44.2% |
| 17 | Sawn wood | $479,187,000 | -31% |
| 18 | Electric water heaters, hair dryers | $465,438,000 | -8.5% |
| 19 | Barley | $447,049,000 | -64.9% |
| 20 | Miscellaneous furniture | $379,189,000 | -16.9% |
| 21 | Veneer sheets, sheets for sawn wood | $320,441,000 | +13% |
| 22 | Coiled iron or non-alloy steel bars, rods | $312,747,000 | -53.9% |
| 23 | Soya-bean oil | $305,935,000 | +3.6% |
| 24 | Seats (excluding barber/dentist chairs) | $299,650,000 | -31.1% |
| 25 | Wood packing cases, boxes, crates, drums | $237,610,000 | +54.5% |
| 26 | Turbo-jets | $226,715,000 | -44.7% |
| 27 | Coal, solid fuels made from coal | $216,939,000 | +26984% |
| 28 | Soya-bean oil-cake, other solid residues | $210,352,000 | -17.6% |
| 29 | Wood carpentry, builders' joinery | $206,660,000 | -18.7% |
| 30 | Fuel wood, wood chips, sawdust | $193,264,000 | +56.7% |
| 31 | Medication mixes in dosage | $192,778,000 | -29.4% |
| 32 | Frozen fruits, nuts | $191,838,000 | -11.2% |
| 33 | Fruit and vegetable juices | $176,875,000 | +80.3% |
| 34 | Cold-rolled iron or non-alloy steel products | $170,277,000 | -73.5% |
| 35 | Nitrogenous fertilizers | $168,247,000 | -72.6% |
| 36 | Aluminum oxide/hydroxide | $159,788,000 | -75.6% |
| 37 | Bread, biscuits, cakes, pastries | $152,799,000 | -40% |
| 38 | Chocolate, other cocoa preparations | $143,607,000 | -23.7% |
| 39 | Phone devices including smartphones | $141,257,000 | -42.2% |
| 40 | Sugar (cane or beet) | $139,473,000 | +912.9% |
| 41 | Sugar confectionery (no cocoa) | $139,372,000 | -31.5% |
| 42 | Iron or non-alloy steel bars, rods | $138,274,000 | -69.6% |
| 43 | Glass bottles, jars, pots, other containers | $138,271,000 | -30.9% |
| 44 | Natural honey | $137,945,000 | -3.9% |
| 45 | Parts of railway/tramway locomotives, rolling stock | $132,254,000 | -41.6% |
| 46 | Titanium ores, concentrates | $131,843,000 | -18.6% |
| 47 | Air or vacuum pumps | $116,849,000 | -27.5% |
| 48 | Miscellaneous iron or steel items | $116,708,000 | -23.4% |
| 49 | Iron or non-alloy steel wire | $115,912,000 | +36.4% |
| 50 | Cigars/cigarellos, cigarettes | $115,624,000 | -65.5% |
| 51 | Flat-rolled iron or non-alloy steel products (plated/coated) | $108,537,000 | -74.3% |
| 52 | Laminated wood (including plywood, veneer panels) | $105,129,000 | +29.9% |
| 53 | Men's suits, trousers (not knit or crochet) | $104,530,000 | -12.4% |
| 54 | Electric sound/visual signal bells or alarms | $101,846,000 | +32.5% |
| 55 | Particle board, other ligneous materials | $95,015,000 | -14.1% |
| 56 | Insoles, heel cushions | $91,404,000 | -13.7% |
| 57 | Concentrated/sweetened milk, cream | $91,305,000 | +59.2% |
| 58 | Bottle stoppers, caps, lids | $90,085,000 | -6.9% |
| 59 | Clays | $88,481,000 | -69.4% |
| 60 | Plastic packing goods, lids, caps | $88,432,000 | -48.7% |
| 61 | Rape/colza/mustard oil | $83,630,000 | -62.4% |
| 62 | Butter | $81,911,000 | +56.6% |
| 63 | Miscellaneous iron and steel structures | $80,681,000 | -23.7% |
| 64 | Miscellaneous nuts | $80,627,000 | -30% |
| 65 | Casein | $80,376,000 | +61.5% |
| 66 | Vinyl chloride polymers | $78,729,000 | -77.3% |
| 67 | Dried shelled vegetables | $78,346,000 | -45.1% |
| 68 | Women's clothing (not knit or crochet) | $78,328,000 | -13.7% |
| 69 | Lower-voltage switches, fuses | $76,961,000 | -15.3% |
| 70 | Miscellaneous wooden articles | $76,780,000 | -5.2% |
| 71 | Other diagnostic/lab reagents | $75,956,000 | +0.4% |
| 72 | Electrical converters/power units | $74,520,000 | -16.1% |
| 73 | Electrical/optical circuit boards, panels | $73,281,000 | -40% |
| 74 | Processed petroleum oils | $71,909,000 | -62.7% |
| 75 | Frozen beef | $71,500,000 | -37.7% |
| 76 | Wood charcoal | $71,319,000 | -3.2% |
| 77 | Alcohol (including spirits, liqueurs) | $68,604,000 | -22.2% |
| 78 | Hydrogen, rare gases | $62,083,000 | +14.4% |
| 79 | Miscellaneous iron or steel tubes, pipes | $61,242,000 | -47.1% |
| 80 | Hydraulic cements | $60,543,000 | +30.3% |
| 81 | Liquid pumps and elevators | $60,423,000 | -58.6% |
| 82 | Distilled tar | $59,446,000 | -5.6% |
| 83 | Ball, roller bearings | $58,940,000 | -31.2% |
| 84 | Starches, inulin | $57,959,000 | +46% |
| 85 | Lamps, lighting, illuminated signs | $57,773,000 | +17.5% |
| 86 | Sort/screen/washing machinery | $57,537,000 | -44.7% |
| 87 | Flat-rolled other alloy steel products | $56,919,000 | -78.3% |
| 88 | Sanitary towels, baby napkins/liners | $56,910,000 | -31% |
| 89 | Non-alcoholic drinks (not water/juice/milk) | $56,533,000 | -57.5% |
| 90 | Plastic plates, sheets, film, tape, strips | $55,339,000 | -31.7% |
| 91 | Copper bars, rods | $53,943,000 | -32.5% |
| 92 | Sports equipment | $53,904,000 | +32.7% |
| 93 | Margarine | $52,708,000 | -39.4% |
| 94 | Flour/meal/starch/malt extract food preparations | $50,792,000 | -32% |
| 95 | Alloy steel bars, rods | $50,779,000 | -56.8% |
| 96 | Ethyl alcohol | $50,625,000 | +115.9% |
| 97 | Miscellaneous articles, dress patterns | $50,250,000 | -15.3% |
| 98 | Other coloring matter, luminophores | $48,738,000 | -51.3% |
| 99 | Paper containers, cellulose wadding | $48,698,000 | -44.1% |
| 100 | Petroleum gases | $48,595,000 | -24.1% |
By value, the table of 100 exported goods were worth a subtotal of US$38.7 billion or 87.2% for all products exported from Ukraine during 2022.
Note that an entry of 0% in the table’s right-most column means 2021 data was unavailable.
In macroeconomic terms, Ukraine’s total exported goods represent 10.1% of its overall Gross Domestic Product for 2022 ($441.1 billion valued in Purchasing Power Parity US dollars). That 10.1% for exports to overall GDP in PPP for 2022 compares to 11.2% for 2021. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Ukraine’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Ukraine’s unemployment rate averaged 24.528% in 2022, up from an average 9.835% for 2021 according to the International Monetary Fund.
Ukraine’s capital city is Kiev.
See also Ukraine’s Top 10 Imports, Russia’s Top 10 Exports, Wheat Exports by Country and Ukraine’s Top Trading Partners Plus China VS Russia
Research Sources:
Central Intelligence Agency, The World Factbook report on Europe: Ukraine. Accessed on May 19, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 19, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on May 19, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 19, 2023
International Trade Centre, Trade Map. Accessed on May 19, 2023
Investopedia, Net Exports Definition. Accessed on May 19, 2023
Wikipedia, Gross domestic product. Accessed on May 19, 2023
Wikipedia, List of the biggest companies of Ukraine. Accessed on May 19, 2023
Wikipedia, List of companies of Ukraine. Accessed on May 19, 2023
Wikipedia, Purchasing power parity. Accessed on May 19, 2023
Wikipedia, Ukraine. Accessed on May 19, 2023
