In 2024, the European Union achieved a remarkable milestone in its trade relations with Ukraine, exporting goods worth a staggering 42.8 billion euros. This figure marks a significant increase of 9.4% compared to the previous year, showcasing the EU's commitment to supporting Ukraine amid ongoing challenges. Alongside this impressive export figure, the EU also imported goods from Ukraine totaling 24.5 billion euros, resulting in a favorable trade surplus of 18.3 billion euros.
According to data from Eurostat, the primary exports from the EU to Ukraine included mineral fuels, which accounted for 6.8 billion euros, electrical equipment at 4.3 billion euros, and machinery valued at 4.2 billion euros. Notably, the export of mineral fuels saw the most substantial increase—up by 4.1 billion euros—compared to the pre-war year of 2021, when Ukraine primarily sourced these products from Russia and Belarus.
On the flip side, Ukraine's exports to the EU were dominated by agricultural products. Key imports included grains, which were valued at 4.4 billion euros, animal or vegetable fats and oils at 3.1 billion euros, and oilseeds along with related products at 2.5 billion euros. Compared to 2021, the import of grains surged by 2.7 billion euros, while animal or vegetable fats and oils saw an increase of 1.0 billion euros, and oilseeds and related products rose by 1.1 billion euros.
Despite this record trade surplus, the EU is contemplating the cancellation of autonomous trade measures (ATM) that have been in place to facilitate imports from Ukraine. These measures, which temporarily abolish tariffs and quotas on Ukrainian goods entering the EU, were initially introduced in response to Russia's full-scale aggression against Ukraine, aimed at bolstering the Ukrainian economy.
In May 2022, the EU lifted tariffs and quotas on Ukrainian exports, a move that significantly enhanced trade relations. As of 2024, the EU has also implemented quotas on "sensitive" agricultural products from Ukraine and extended the suspension of tariffs on Ukrainian exports until mid-2025. This extension reflects the EU's ongoing support for Ukraine during a critical period.
The increase in trade between the EU and Ukraine is a testament to the resilience of both economies. The EU's support has been pivotal in providing Ukraine with essential goods and resources, especially in sectors that have been severely affected by the ongoing conflict. The growth in trade figures not only highlights the EU's commitment to Ukraine but also underscores the potential for future collaboration.
As the situation evolves, the EU's decision regarding the continuation or cancellation of the ATM will be crucial. While the current trade dynamics appear favorable, the implications of any policy changes could significantly impact Ukraine's economic recovery and its ability to maintain robust trade relations with the EU.
Looking ahead, both the EU and Ukraine are optimistic about the future of their trade relationship. The record figures from 2024 serve as a foundation for further growth and cooperation. With ongoing support and strategic initiatives, the EU aims to enhance its economic ties with Ukraine, fostering resilience and prosperity in the region.
