Ukrainian exports dropped further in 2016; however, the rate has slowed considerably. The commodity revenues decreased from USD 53.9 billion in 2014 to USD 36 billion in 2016, and service exports income dropped by 3 percent, to USD 6.97 billion.
Agricultural, food, metallurgy and mechanic engineering companies were the main exporters of goods in 2016. According to the Agency of Industrial Marketing, agricultural and food industry earned USD 15.2 billion (42 percent of overall exports), metallurgists came up with USD 8.3 billion (23 percent), while mechanic engineering companies made USD 4.2 billion (12 percent). Ukrainian businesses made sizable earnings while selling transport services – USD 3.77 billion during three quarters of 2016, as well as telecommunication and IT services - USD 1.16 billion for the same period.
Exports of raw materials is still a prevailing item in Ukrainian foreign trade. At the same time, Ms. Olena Belan, the leading economist at Dragon Capital, said that there had been a considerable change in the current foreign trade structure in recent years. “Agricultural export earns about one third of the overall income, while five years ago its share was below 15 percent. Exports of grains amounts to 13 percent, the rest is food products, such as sunflower oil (providing about 8 percent of foreign currency revenue). At the same time, the share of metallurgy items export dropped from 26 percent to 18 percent,” says Ms. Belan.
In 2016, there was a considerable growth in sugar and confectionery exports (by 73.6 percent, up to USD 277 million). Exports of vegetables increased by 62.8 percent, to USD 144 million. According to the Ministry of Economic Development and Trade, the rates increased primarily due to the rise of Ukrainian foreign trade in the EU market. Businesses expanded exports to such European countries as Spain, Italy, the Netherlands and France, as well as China, but decreased, their presence in India, Iran, Turkey, Belarus, Egypt and Sudan.
On the other hand, exports of boilers, engines, pumps, inorganic chemicals, railway transport services, fertilizers and telecommunication services dropped dramatically in 2016.