Trading Partner Portal: Ukraine
Overview
Trade Overview
Ukraine has a population of approximately 37 million as of 2023 and is the second largest country in Europe by land mass. In 2023, Ukraine’s GDP was $2178.76 billion according to the world bank, with real GDP growth at 5.3% and an annual average inflation of 12.8%. As of 2022, Ukraine was the 64th 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
U.S. – Ukraine Trade
Two-way trade in goods between the United States and Ukraine was approximately $2.37 billion in 2023. Ukraine is the United States’ 81st largest export destination with more than $1.05 billion in exports. Top exports from the United States to Ukraine include transportation equipment ($245 million), non-electrical machinery ($173 million), fabricated metals ($144 million), computer and electronic products ($96 million), and used merchandise ($95 million).
Imports from the Ukraine totaled $1.32 billion in 2023. The top imports were primary metal manufacturing ($710 million), processed foods ($160 million), chemicals ($77 million), electrical equipment, appliances & components ($45 million), and computer and electronic products ($39 million).
California – Ukraine Trade
In 2023, California exported around $126 million in exports. Its top three exports were transportation equipment ($36 million), computer and electronic products ($23 million), and non-electrical machinery ($17 million). Other exports included used or secondhand merchandise ($12 million) and apparel and accessories ($9 million).
California imported $41 million from Ukraine in 2023, which included $11 million in processed food, electrical equipment at $11 million, and agricultural products at $3 million. Other imports included nonelectrical machinery ($3 million) and apparel and accessories ($2 million).
The U.S. Census Bureau estimates the U.S. holds a Ukrainian population of just over $1 million as of 2020. California is home to roughly 114,146 people of Ukrainian descent. U.S. Census
FDI – Ukraine
FDI from the U.S. into the Ukraine totaled $257 million in 2023. In the same year, FDI from the Ukraine into the U.S. totaled -$1 million, which is unchanged from 2022. (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
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
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.