Ukrainian IT export volumes fell by 5% in six months.

This is a difference of $170M compared to the first half of last year. Experts predict that the decline will continue even under an optimistic scenario, according to industry experts.

“The trend of falling volumes continues. In January and June, the lowest figures were recorded during the entire war,” said the Lviv IT cluster.

In the first half of 2024, IT exports from Ukraine amounted to almost $3.21B. The ten countries that have brought Ukraine the most revenue this year are the US, Britain, Malta, Cyprus, Israel, Switzerland, Germany, Estonia, Poland, and the UAE. The undisputed leader is the US, with $1.2B in revenue from this country, almost 38% of the total turnover for six months.

The IT sector remains the second most crucial export-oriented sector of the economy (after agribusiness). IT exports accounted for 11.5% of all exports and almost 38% of services exports for the first half of the year. Experts believe that by the end of the year, the volume of exports will decrease to the range of 3.2% to 5% and amount to $6.3 to $6.5B.