Ukraine’s imports exceed exports by 76%.

In 2023, Ukraine imported goods worth $63.5B and exported $36B, according to the State Customs Service. Ukraine imported the most goods from China, $10.4B, Poland $6.6B, and Germany $4.9B. Ukraine exported the most to Poland, $4.7B, Romania $3.7B, and China $2.4B.

65% of Ukraine’s imported goods were from the following categories: machinery, equipment, and transport $19.8B, chemical industry products $11B, and fuel and energy products $10.3B.Ukraine primarily supplied foreign markets with food products, with $21.8B in exports, metals and their products $3.9B, and machines, equipment, and transport $2.9B.

According to the NBU, the negative balance of Ukraine’s foreign trade in goods and services for 11 months of 2023 reached $34.11B, including a $25.74B trade deficit in goods. Compared to the same period in 2022, the total deficit increased by 58.9%, including a 220% increase in its trade deficit in goods.

Such rapid growth in its trade deficit can negatively influence Ukraine’s GDP, exchange rate, inflation, and interest rates.