According to customs data, exports in August increased by 27% yoy from a relatively low base. Currently, Ukraine’s sea corridor is facilitating the export of various goods, whereas last year, even grain exports were blocked due to the closure of the corridor. The availability of maritime exports for other companies has contributed to an increase in exports of metallurgical products and iron ore. Additionally, the growth of exports in dollar terms was supported by more favorable export prices due to reduced logistics costs compared to the previous year. At the same time, there was a slowdown in the growth of goods imports, partially reflecting a higher comparison base.
Experts from the IER discussed these and other changes in exports, imports, and business operation challenges in the third issue of the External Trade Monitoring Report. Notably, for exporters, the labor shortage is almost as significant a barrier to business as disruptions in access to electricity.
In trade policy, most of the news in this issue focuses on the government's efforts toward European integration, as these measures are essential for the competitiveness of Ukrainian businesses.
International trade news is diverse. One of the important is that the WTO's call to governments to avoid tariffs and other barriers in international trade was significant, as such measures could undermine 30 years of progress in closing the gap between rich and poor countries.
In this issue of the Monitoring Report, experts also briefly outlined the importance of concluding negotiations on the ACAA (Agreement on Conformity Assessment and Acceptance of Industrial Products), or the "industrial visa-free regime." The agreement is designed to reduce the role of non-tariff barriers, which play an extremely important role in the trade of industrial goods, in addition to import duties, the elimination of which is provided for in the Association Agreement.
The report is available at the following link:
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This report became possible due to the support of the American People through the United States Agency for International Development (USAID) under the Competitive Economy Program in Ukraine.
The report³ and its results do not necessarily reflect the views of the United States Agency for International Development or the United States Government.
