Ukraine Import Statistics 2023 – 18 Key Figures
Ukraine’s import statistics are a very hot topic, especially due to the war between Russia and Ukraine.
In this article, we will discuss the status of Ukraine’s import statistics. We will check how its imports are doing in the national market and what factors affect its imports.
Once you finish this article, you will know Ukraine’s import statistics which will allow you to grasp the situation of its imports in the country. This will allow you to know how Ukraine’s imports can affect other nations.
The Disruption of Critical ImportsDue to The War Between Russia And Ukraine
There are many countries that have been affected by the war between Ukraine and Russia, especially African countries that rely on Russia and Ukraine for critical imports such as wheat, steel, and fertilizers. A disruption in these imports can severely affect African countries.
For example, Kenya imports almost 30% of its wheat from Ukraine and Russia. A supply chain disruption will affect the production of bread in Kenya which is the third most consumed food item in the country.
Also in Cameroon, it imported 44% of its fertilizer from Russia in 2021. In West Africa, many analysts feared that the disruption could seriously impact its crop yields and food security due to its planting season.
In Ghana, 60% of all its iron ore and steel imports come from Ukraine. Due to the war, the construction industry in Ghana may face significant challenges.
Decreasing Supplies, Increasing demands, And The Need For More Trade
Both countries at war, Russia and Ukraine, are key suppliers of essential goods such as energy, fertilizers, and food supplies which are now threatened.
Additionally, grain shipments through the Black Sea ports have stopped due to the war. Thus, having possible dire consequences, especially for poorer countries.
Due to these disruptions, there will be smaller supplies and higher prices for food. Thus, the world, especially those who live in the least developed countries, will be unable to buy food to eat.
Also, the war between Russia and Ukraine is adding up to the other factors impacting global trade which include the COVID-19 lockdowns and restrictions.
Ms. Ngozi Okonjo-Iweala, the director-general of the WTO, states that more trade is necessary to ensure stable and equitable access to essential goods in a crisis. Restricting trade will threaten the well-being of many families and businesses and cause more distress in creating a durable economic recovery from the COVID-19 pandemic.
No Regions Will Be Spared From The Effects of WarBetween Russia And Ukraine
For the rest of the world, the economic consequences will be felt through the price hike which will add more fuel to the existing inflationary pressures.
When the prices of commodities increase, net importers of energy and food products will be affected badly by the looming major supply disruptions in the event of an even greater escalation of conflict between Russia and Ukraine. Additionally, the drop in demand from Europe will impede global trade.
The countries in Asia-Pacific will feel the impact immediately through higher import prices, especially energy prices with many economies in the region being net importers which are led by India, Japan, China, Thailand, South Korea, and Taiwan.
In North America, the impact will mostly be felt through the price channel and through the hindrance of European growth. Despite the predicted slower economic growth and higher inflation, the recent geopolitical circumstances will not significantly affect monetary policies in North America currently.
Ukraine Import Statistical Figures in 2023 That You Should Know
1. According to Trading Economics, Imports in Ukraine increased to 5281.90 USD Million in November from 4874.90 USD Million in October of 2022.
2. According to a report, Total trade in goods and services (exports plus imports) between the UK and Ukraine was £1.9 billion, in current prices, in the four quarters to the end of Q3 2022, an increase of 1.7% or £31 million from the four quarters to the end of Q3 2021.
3. A report by Consilium showed that Russia’s invasion of Ukraine has caused a significant increase in food prices in global markets. The prices of grains have risen particularly sharply.
4. According to a report by FAO.org, The Ukrainian hryvnia reached a record low against the United States dollar (USD) in early March 2022, with likely repercussions for Ukrainian agriculture, including a boost to its export competitiveness and curbs on its ability to import.
5. Top import items include mineral products, automobiles, transportation equipment, chemicals, and textiles.
6. An escalation of the war in Ukraine remains a major threat to global stability that could destabilize energy or food markets and further fragment the global economy.
7. Inflation rose to 26.6% in December from November’s 26.5%. December’s result marked the highest inflation rate since February 2016 but came in below the National Bank of Ukraine’s October forecast of 30.0%.
8. A report by Ukraine Invest says that the consequences of the war will lead to a significant economic decline in Ukraine in 2022, but in 2023 the economy will return to growth.
9. In the same report, Ukraine’s GDP will grow at a rate of nearly 5-6% between 2023 and 2024.
10. Ukraine’s total imports recorded 4.9 USD billion in Oct 2022, compared with a value of 4.6 USD billion in the previous month.
11. In the latest reports, Ukraine’s total imports dropped 18.9 % YoY in Oct 2022
12. The United Nations forecast Wednesday that global economic growth will fall significantly to 1.9% this year as a result of the food and energy crisis sparked by the war in Ukraine.
13. The estimates of real gross domestic product (GDP) losses this year range from 31.5 percent to 40 percent.
14. The devaluation of the hryvnia exchange rate and an increase in the cost of imported goods, and price shocks of the world market for food and energy products.
15. According to the Ministry of Economy, the preliminary estimate of GDP decline is 30.4%.
16. In January 2023, Ukraine’s foreign exchange reserves increased by 5% due to receipts from international partners, which compensated for the net sale of foreign currency by the NBU to cover the difference between the supply and demand in Ukraine’s foreign exchange market.
17. According to the latest news, the Verkhovna Rada has been exempted from VAT and duties for the import into Ukraine of drones, thermal imagers, and radios.
18. Shipments from Black Sea ports have resumed, but Ukraine’s overall harvest is expected to be sharply down from 86m tonnes in 2021 to 49.5m tonnes in 2023.
+ What are Ukraine's import statistics?
The import statistics of Ukraine will show you the performance of its imports amidst the war.
+ How can war severely affect African countries?
The war can severely affect African countries as they heavily rely on imports from both Russia and Ukraine.
+ What is the Black Sea Grain Initiative?
The Black Sea Grain Initiative is an agreement that gets vital supplies to move through the Black Sea from and to Ukraine.
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