In November 2024, exports grew by 23% compared to the previous year, reaching USD 3.7 bn, although growth rates slowed due to a high base effect from the previous year. Key drivers include agricultural products (+19%), machinery (+46%), and metallurgy (+22%), with increased exports of semi-finished steel and iron products. At the same time, imports rose by 22%, reaching USD 6.22 bn, largely driven by a sharp increase in imports of defense-related goods and energy equipment.
Among the main impediments for exporters in November were a labor shortage (66% of respondents), power supply disruptions, and rising raw material costs. The government, together with international partners, particularly within the Ukraine Facility, is working on support mechanisms for businesses, such as export risk insurance.
Meanwhile, active efforts on European integration continue. Initial working group meetings were held to prepare Ukraine's negotiation positions for the EU accession. The opening of the first two negotiation clusters is expected in the beginning of 2025, marking a significant step forward in integration.
The monitoring also analyzes new trends in trade policies among partners, highlighting notable changes in the US, EU, and other countries that impact international trade and Ukraine's economy.
More details can be found in the full report on the IER website.