Trading Partner Portal: Ukraine
Overview
Trade Overview
Ukraine has a population of approximately 43.79 million as of 2021 and is the second largest country in Europe by land mass. In 2021, Ukraine’s GDP was $200.09 billion according to the International Monetary Foundation, with real GDP growth at 3.5% and an annual average inflation of 7.1%. In 2021, Ukraine was the 48th largest exporter in the world according to the World Trade Organization. In 1991 when the Soviet Union dissolved, Ukraine became independent. Ukraine has been a member of the World Trade Organization (WTO) since 2008, and has since been working toward attracting foreign investment. (The World Bank)
Two-way trade in goods between the United States and Ukraine was approximately $2.9 billion in 2022. Ukraine is the United States’ 74th largest export destination with more than $1.4 billion in exports. Top exports from the United States to Ukraine include chemicals ($251 million), fabricated metals ($208 million), non-electrical machinery ($187 million), and used merchandise ($163 million). Imports from the Ukraine totaled $1.49 billion in 2022. The top imports were primary metal manufacturing ($667 million), processed foods ($208 million), and chemicals ($75 million).
In 2022, Ukraine was California’s 70th largest export destination with $108 million in exports. Textile mill products and used or secondhand merchandise both accounted for $24 million of the total, followed by transportation equipment and agricultural products which also both accounted for $13 million. California imported $82 million from Ukraine in 2022, which included $45 million in processed food, followed by electrical equipment and agricultural products. The U.S. Census Bureau estimates California is home to roughly 112,000 people of Ukrainian descent.
FDI from the U.S. into the Ukraine totaled $532 million in 2021. In the same year, FDI from the Ukraine into the U.S. totaled $2 million. (U.S. Department of Commerce, Bureau of Economic Analysis)
U.S. – Ukrainian Trade and Investment Council
In 2008, shortly after Ukraine became a member of the WTO, the U.S. and Ukraine signed a TICA, which established the U.S.-Ukrainian Trade and Investment Council. Chaired by the USTR and the Ukrainian Ministry of Economy, the council is the primary organization for managing the trade and investment relationship between the two countries. The fourth meeting of the U.S.-Ukraine TIC was held in Washington on July 31, 2012.
Other Ukraine Facts:
#1 in Europe in proven recoverable reserves of uranium ores.
#2 in Europe and 10th in the world in titanium ore reserves.
#2 in the world for explored reserves of manganese ores (12% of the world’s reserves).
#8 in the world in coal reserves.
#1 in Europe in terms of arable land area. Ukraine can meet the food needs of 600 million people.
#1 in the world in exports of sunflowers and sunflower oil.
#4 in the world in barley production and barley exports.
#5 largest producer of corn and #4 largest exporter of corn.
#2 in Europe and #8 in the world of installed capacity of nuclear power plants.
For many more facts on Ukraine’s importance please click here. (Source: Andriy Futey, Ukrainian Congress Committee of America Ukrainian World Congress)
Useful links
WTO Trade Profile
USTR Trade Information
U.S. Department of State Ukraine Page
CIA Factbook: Ukraine
Business Opportunities in Ukraine from Consul General Sergiy Aloshyn of San Francisco:
- International Forum on Medical Tourism to take place in Ukraine on May 12-13, 2021
- Gadz – farming
- Rush – cosmetic/beauty products and accessories
- Grow Ukraine
- Ukrainian Food Expo 2019
- DairyCo LLC
- Shvydkist
- Pokrovska Dolina
- UKRSPYRT – company presentation
- The establishment of the Industrial Park “Central” in the Kremenchuk city (Ukraine)
- Invest in the Cherkasy Region
- LLC Trade House Odeskabe
- UkrTechnoFood
- August-Kiy
- Goodgrainoil LLC
Regions
Regions
Crimea
Crimea is a well developed region in Ukraine, located along the northern peninsula on the Black Sea. It is also known as a “Pearl of Ukraine.” It has been ranked by National Geographic as being one of the Top 20 Destinations in 2013.
The region of Crimea has a new campaign for promotion and attraction of investment, with an overall goal of improving the lives of the population of 2 million. The campaign will be focused on five areas:
- Tourism – the Crimean peninsula is a growing tourist region, with miles of beaches, mountains, forests and lakes. Currently, 64% of its tourist facilities are located on the southern coast.
- Agriculture sector – Crimea is one of the top grape growing areas in the region, with a thriving wine industry. Investment opportunities exist in processing of fruit and vegetables into convenience foods and juices and the production of meat and fish products.
- Transportation infrastructure – Crimea is well-situated in the Black Sea, making it an internationally significant transportation hub.
- Energy: solar/ wind – Although the majority of Crimea’s solar and wind energy demand is met by importing from mainland Ukraine, its solar energy potential is among the highest in Ukraine and its wind energy potential among the highest in Europe.
- Industrial development – Industry is the main sector of Crimea’s economy, making up almost 25% of the regions total fixed asset value. Crimea aims to develop further innovations, notably in high-tech engineering, equipment for agriculture and electronic and communication facilities.
Useful links:
Investment Profile
Crimea: Regional Profile
Crimea Report
Investment Proposals
Crimea Strategy 2020
Land Auctions
Resorts and Tourism Report
Yacht Tourism
Transport System Developments
Regional Air Transportation Development
Council of Ministers of the Autonomous Republic of Crimea
Source: Council of Ministers of the Autonomous Republic of Crimea
Cherkasy Region
The Cherkasy province of Ukraine (Cherkasy Oblast) is located in the center of the country, along the Dnieper River. It has a population of 1.3 million people, with 56.4% of residents dwelling in urban areas and 46.6% in rural areas.
Cherkasy region does business with 117 countries, and at the end of 2012 attracted $884 billion in foreign investments. With a favorable investment climate, central location, and abundant natural resources, the region has significant potential.
Strong industries in Cherkasy Region include agriculture, food processing, alternative energy production, infrastructure development, light industry, and tourism.
Source: Cherkassy Business Potential Report
Embassy of Ukraine to USA, January 2013
Events
Events
Ukrainian Delegates Highlight Joint Energy Opportunities with State, March 17, 2017
November 12, 2013 – The California Chamber of Commerce hosted an official delegation from the Republic of Crimea, Ukraine. The meeting focused on the cultural, historical and commercial significance of Crimea –which is a well-developed region in Ukraine, located along the northern peninsula on the Black Sea.