In 2020, many economies around the world contracted due to the Covid-19 pandemic, and a large number of macroeconomic factors showed sharp declines. Indeed, global exports fell by about 7%, according to UN Comtrade data. Ukraine’s exports were only moderately affected, falling by 1.6%. This was a potential sign of strong inelastic demand for its goods. To put this into context, not only did it better the world average, but it also significantly outperformed Russia, whose exports fell by 21%.
Ukraine’s net trade balance also reduced in 2020, by about $6.3bn (Hrv190.41bn), as the decline in its imports outstripped that of its exports. Ukraine imported $53.7bn worth of goods and exported $49.2bn.
Manager’s Office Team