Ukraine-U.S. Trade Record Start But Russia’s Invasion will Upend Trend

06 April 2022
Ukraine US Trade Data

Ukraine’s 2022 trade with the United States was off to a record start but the Russian invasion of Ukraine which began in Feb 2022 will certainly upend that trend because of Ukraine’s destroyed infrastructure and affected supply chain of goods. In the month of January, the only 2022 data currently available, Ukraine recorded its highest monthly total in at least two years at US$444.39 million. In fact, for the last five months, Ukraine’s trade with the US topped US$400 million, the only month it has done so in the last two years.


Ukraine’s trade with the U.S. by Year


The trade balance between Ukraine and the United States stood at US$540 million in 2021. Ukraine’s imports from the U.S. totaled US$2,528 million, while Ukraine’s exports to the US totaled US$1,988 million in that year. Here’s a quick overview of Ukraine-U.S. bilateral trade in the last ten years.



Year

Ukraine Imports from the US (Value US$ Million)

Ukraine Exports to the US (Value US$ Million)

2012

1,408

1,935

2013

1,084

1,924

2014

973

1,239

2015

897

862

2016

609

1,078

2017

1,074

1,788

2018

1,424

2,486

2019

1,358

2,457

2020

1,376

1,907

2021

1,988

2,528

 


Ukraine’s trade with the U.S. by commodity


Ukraine is one of the largest exporters of corn, wheat, soybeans, sunflower oil, and iron ore. And the United States is not particularly dependent on Ukraine for those exports, meaning the impact, as least directly, is not as significant as it might be for other countries, including European ones. This does not suggest that the Russia-Ukraine war is of no concern to the United States.


The United States is largely not dependent on Ukraine for goods, however, it imports Ukrainian soybeans, sunflower oil, and other agricultural products. Ukraine actually imports goods from the United States to meet its demand. Here is a list of commodities that Ukraine import from the US and export to the US with dollar amounts reported in 2021.



Ukraine’s Imports from the US

Value US$ Million

Ukraine’s Exports to the US

Value US$ Million

Used Vehicles

575

Non-alloy Pig Iron Containing 0.5% or Less Phosphorus

989

Metallurgical Bituminous Coal Not Agglomerated

467

Iron Ore Agglomerated Pellets

74

Parts & Accessories for Motor Vehicles

87

Soybeans

46

Passenger Motor Vehicles

79

Crude Sunflower Oil

44

Tractors for Agricultural Use

56

Refined Sunflower Oil

41

Worn Clothing & Accessories

46

Furnishing Articles (excluding those of heading 9404)

40

Vaccines for Human Medicine

37

Casing, Seamless, Oil or Gas Drilling, Iron or Non-alloy Steel

36

Civilian Aircraft, Engines, Equipment & Parts

34

Tubing, Seamless, Oil or Gas Drilling, Iron or Non-alloy Steel

23

Passenger Electric Motor Vehicles

29

Apple Juice

22

Vessels including Lifeboats (Not Row Boats)

26

Insulated Ignition Wiring Sets for Vehicles, Aircrafts & Ships

18

 


According to the International Monetary Fund (IMF), Ukraine’s war-ravaged economy could shrink by up to 35% in 2022. And many countries that are dependent on Russian and Ukrainian goods have to look for alternatives to meet the demand. 


The trade between Ukraine and the United States had been growing steadily and it has been becoming a more significant trade partner. After reporting positive business growth, it is expected that Ukraine-U.S. trade will be upended by Russia’s invasion of Ukraine. The flow of goods through Ukrainian territory is almost halted as there is no movement of shipments from the Black Sea, which is the major sea transport of goods. Many countries have put sanctions on Russia for this invasion, leading to global supply chain disruption.  

Is this article helpful. Share with others!   

Add Comments


Request a Demo close modal

Get global trade data online at your fingertips!

Copyright © 2021 Export Genius. All rights reserved
//