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Current State and Prospects for the Development of Ukraine’s Foreign Trade with the European Union
Shuba M. V., Tymofieieva V. O.

Shuba, Maryna V., and Tymofieieva, Viktoriia O. (2024) “Current State and Prospects for the Development of Ukraine’s Foreign Trade with the European Union.” Business Inform 8:32–38.
https://doi.org/10.32983/2222-4459-2024-8-32-38

Section: International Economic Relations

UDC 339.5

Abstract:
The aim of the article is to study the current state and prospects for the development of Ukraine’s foreign trade with the European Union. It is determined that Ukraine has unique opportunities for the development of trade cooperation with the EU countries. However, Russia’s war of aggression has a strong negative impact on Ukraine’s foreign trade. It is established that the volume of trade has significantly decreased, its structure has changed. At the same time, the EU’s role as a major trading partner continues to grow. The dynamics of exports and imports of goods of Ukraine to the EU as a whole, as well as by individual EU Member States, which are trading partners of Ukraine, are considered. It is found that in 2023, Poland, Romania and Spain became the largest importers of Ukrainian goods. In 2023, Ukraine imported the most goods from Poland, Germany, and Bulgaria. The commodity structure of Ukraine’s exports to the EU in 2023 was represented mainly by agricultural products and ferrous and non-ferrous metals. The commodity structure of Ukraine’s imports from the European Union was dominated by engineering products, mineral products, and chemical products. It is determined that the volume of foreign trade in services of Ukraine and the European Union has also decreased due to the war. Thus, in 2022, there was a decrease of 33.5% compared to 2021, Ukraine’s exports of services to the EU amounted to USD 3.4 billion. Imports of services from Ukraine from the EU amounted to USD 1.7 billion. The structure of exports was dominated by services in the field of telecommunications, transport services and services for the processing of material resources. The main services imported by Ukraine were transport, business and telecommunications services. It is concluded that the EU is an important trading partner of Ukraine. Our country has significant export potential in the agricultural sector, metallurgy, mechanical engineering, etc. However, because of Russia’s war against Ukraine, logistical, financial, technological and other problems have arisen that significantly complicate foreign trade between Ukraine and the EU.

Keywords: foreign trade, exports, imports, Ukraine, European Union, war.

Fig.: 3. Tabl.: 2. Bibl.: 22.

Shuba Maryna V. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of International Economic Relations named after Artur Golikov, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]
Tymofieieva Viktoriia O. – Student, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]

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