Visualizing Ukraine's Top Trading Partners and Products
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Visualizing Ukraine’s Top Trading Partners and Products

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Visualizing Ukraine’s Top Trading Partners and Products

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International trade was equal to 65% of Ukraine’s GDP in 2020, totaling to $102.9 billion of goods exchanged with countries around the world.

In 2014, Russia’s annexation of Crimea contributed to a 30% year-over-year drop in Ukraine’s 2015 trade value ($75.6B). Now, Ukraine’s international trade has been irreversibly disrupted since Russia’s full-scale invasion on February 24th, 2022.

The current conflict continues to reshape geopolitical relations and international trade—and to give context to the situation, we’ve created this graphic using IMF and UN Comtrade data to showcase Ukraine’s largest trading partners and goods traded in 2020.

Ukraine’s Largest Trading Partners

Ukraine’s largest trading partner in 2020 was China, with the value of trade between the two countries reaching $15.3 billion, more than double the value of any other trading partner.

Germany ($7.4B), Poland ($7.4B), and Russia ($7.2B) were Ukraine’s next three largest trading partners, with the majority of Ukraine’s trade with these countries being imports.

CountryTrade with Ukraine (2020) Exports from Ukraine (%)Imports to Ukraine (%)
🇨🇳 China$15.3B46%54%
🇩🇪 Germany$7.4B28%72%
🇵🇱 Poland$7.4B45%55%
🇷🇺 Russia$7.2B37%63%
🇹🇷 Turkey$4.8B50%50%
🇧🇾 Belarus$4.2B32%68%
🇮🇹 Italy$4.1B48%52%
🇺🇸 U.S.$3.9B25%75%
🇮🇳 India$2.7B73%27%
🇳🇱 Netherlands$2.6B71%29%

Source: IMF

While most of Ukraine’s trade with top partners is made up of imports, trade with both India and the Netherlands (Ukraine’s ninth and tenth largest trading partners respectively) was more export driven, with exports holding a greater than 70% share of total trade value.

Ukraine’s Top Exports and Imports

Ukraine’s strong agricultural industry makes up a large share of the country’s exports in the form of cereals, animal and vegetable oils, and seed oils. These products made up nearly 35% of Ukraine’s exports in 2020, at a value of $17 billion collectively.

Goods Exported from Ukraine (2020)Dollar ValueShare of Exports
Cereals$9.4B19.1%
Iron and steel$7.7B15.6%
Animal or vegetable fats, oils, and other products$5.8B11.7%
Ores, slag, and ash$4.4B8.9%
Electrical machinery and equipment$2.6B5.2%
Other goods$19.4B39.5%

Source: UN Comtrade

The other two cornerstones of Ukraine’s industry and exports are iron ore and steel, along with refined electrical machinery, equipment, and other mechanical appliances. In 2020, exports of crude iron and steel along with their refined products made up $13 billion in value, making up more than a quarter of Ukraine’s exports.

Ukraine’s imports are primarily vehicles, machinery, and the fuels necessary to power these goods. With the country’s energy consumption outpacing domestic energy production, mineral fuels and oils are Ukraine’s top import in 2020 at $7.42 billion.

Goods Imported from Ukraine (2020)Dollar ValueShare of Imports
Mineral fuels, oil, and mineral products $7.4B13.8%
Boilers, machinery and mechanical appliances$6.3B11.7%
Vehicles other than railway or tramway rolling stock$5.5B10.2%
Electrical machinery and equipment$5.3B9.9%
Pharmaceutical products$2.5B4.7%
Other goods$26.6B49.7%

Source: UN Comtrade

Primarily importing from Belarus, Russia, and Germany, Ukraine’s need for energy fuels was greatly exacerbated by Russia’s annexation of the Crimean peninsula, which held 80% of Ukraine’s oil and natural gas deposits in the Black Sea.

Various kinds of machinery, vehicles, and electrical equipment are the next largest categories of goods imported, cumulatively making up 31% ($17.1B) of Ukraine’s imports.

Ukraine’s Shift Away from Russian Trade Dependence

Since its independence from the former USSR in 1991, Ukraine has steadily shifted towards Western trading partners, especially as conflicts with Russia escalated in the 2010s.

After years of negotiations, Ukraine’s Association Agreement with the EU in 2014 facilitated free trade between EU nations and Ukraine, reducing the country’s dependence on trade with Russia.

Ukraine is one of the most important economic centers of the former Soviet Union, and it had long been the breadbasket of the USSR thanks to its fertile chernozem soil and strong agricultural industry.

Trade value between Russia and Ukraine peaked in 2011 at $49.2 billion, and since then has fallen by 85% to $7.2 billion in 2020. During this time, European nations like Poland and Germany overtook Russia in terms of trade value with Ukraine, and in 2021 trade with the EU totaled to more than $58 billion.

War’s Effect on Ukraine’s Future Trading Partners

Russia’s invasion of Ukraine is rapidly reshaping both countries’ international relations and trading partners.

Four days into the recent conflict, Ukrainian President Zelenskyy filed for Ukraine’s special admission into the EU, which would further strengthen Ukraine’s trade with European Union members. Combining the likely breakdown of Ukrainian-Russian trade with China’s lack of condemnation of Russia’s actions, Ukraine’s trade seems likely to continue shifting towards the European Union and its Western allies.

While not exactly international trade, on February 26th the U.S. committed an additional $350 million in support to Ukraine, with American financial security assistance to Ukraine totaling $1 billion over the past year. Alongside the U.S., the EU recently committed €500 million in financial support, and multiple EU and non-EU nations are providing Ukraine with military aid.

Although it’s impossible to determine the results of this conflict and its effects on international trade, the countries supporting Ukraine’s defense today are likely to become the Ukraine’s top trading partners in the future.

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Visualizing China’s $18 Trillion Economy in One Chart

China’s economy reached a GDP of 114 trillion yuan ($18 trillion) in 2021, well above government targets. What sectors drove that growth?

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Visualizing China's Economy By Sector in 2021 Shareable

Visualizing China’s $18 Trillion Economy in 2021

China is the world’s second largest economy after the U.S., and it is expected to eventually climb into the number one position in the coming decades.

While China’s economy has had a much rockier start this year due to zero-tolerance COVID-19 lockdowns and supply chain issues, our visualization covers a full year of data for 2021⁠—a year in which most economies recovered after the initial chaos of the pandemic.

In 2021, China’s Gross Domestic Product (GDP) reached ¥114 trillion ($18 trillion in USD), according to the National Bureau of Statistics. The country’s economy outperformed government targets of 6% growth, with the overall economy growing by 8.1%.

Let’s take a look at what powers China’s modern economy.

Breaking Down China’s Economy By Sector

Sector2021 Total GDP
(Yuan)
2021 Total GDP
(USD)
% Share
Industry¥37.3T$5.9T32.6%
Wholesale and Retail Trades¥10.5T$1.7T9.2%
Finance¥9.1T$1.4T8.0%
Farming, Forestry, Animal Husbandry, and Fishery¥8.7T$1.4T7.6%
Construction¥8.0T$1.3T7.0%
Real Estate¥7.8T$1.2T6.9%
Transport, Storage, and Post¥4.7T$0.7T4.1%
Information Transmission, Software and IT Services¥4.4T$0.7T3.9%
Renting & Leasing Activities and Business Services¥3.5T$0.6T3.1%
Accommodation and Restaurants¥1.8T$0.3T1.6%
Others¥18.1T$2.8T15.9%
Total¥114T¥18T100.0%

Industrial production—activity in the manufacturing, mining, and utilities sectors—is by far the leading driver of China’s economy. In 2021, the sector generated ¥37.3 trillion, or one-third of the country’s total economic activity.

Despite a slowdown in December, wholesale and retail trades also performed strongly in 2021. As the main gauge of consumption, it was affected by lockdown measures and the spread of the COVID-19 Omicron variant towards the end of the year, but still rose by double digits, reaching a total of ¥10.5 trillion*.

“Other services”, which includes everything from scientific research and development to education and social services, generated 16% of China’s total economy in 2021, or ¥18.1 trillion.

*Editor’s note: At time of publishing, China’s government seems to have since adjusted this number to ¥11.0 trillion, which is not consistent with the original data set provided, but worth noting.

Where is China’s GDP Headed?

China’s economy recovered noticeably faster than most major economies last year, and as the overall trend below shows, the country has grown consistently in the years prior.

Visualizing China's GDP Growth

Before the pandemic hit, China’s quarterly GDP growth had been quite stable at just above 5%.

After the initial onset of COVID-19, the country’s economy faltered, mirroring economies around the globe. But after a strong recovery into 2021, resurging cases caused a new series of crackdowns on the private sector, slowing down GDP growth considerably.

With the slowdown continuing into early 2022, China’s economic horizon still looks uncertain. The lockdown in Shanghai is expected to continue all the way to June 1st, and over recent months there have been hundreds of ships stuck outside of Shanghai’s port as a part of ongoing supply chain challenges.

China’s Zero-COVID Policy: Good or Bad for the Economy?

While every country reacted to the COVID-19 pandemic differently, China adopted a zero-COVID policy of strict lockdowns to control cases and outbreaks.

For most of 2021, the policy didn’t deter GDP growth. Despite some major cities fully or partially locked down to control regional outbreaks, the country’s economy still paced well ahead of many other major economies.

But the policy faced a challenge with the emergence of the Omicron variant. Despite lockdowns and an 88% vaccination rate nationally, seven out of China’s 31 provinces and all of the biggest cities have reported Omicron cases.

And China’s zero-COVID policy has not affected all sectors equally. Industrial production rose by more than 10% in the first 11 months of 2021, despite city lockdowns around the country. That’s because many factories in China are in suburban industrial parks outside the cities, and employees often live nearby.

But many sectors like hotels and restaurants have been more severely affected by city lockdowns. Many global economies are starting to transition to living with COVID, with China remaining as one of the last countries to follow a zero-COVID policy. Does that ensure the country’s economy will continue to slow in 2022, or will China manage to recover and maintain one of the world’s fastest growing economies?

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Charted: U.S. Consumer Debt Approaches $16 Trillion

Robust growth in mortgages has pushed U.S. consumer debt to nearly $16 trillion. Click to gain further insight into the situation.

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Charted: U.S. Consumer Debt Approaches $16 Trillion

According to the Federal Reserve (Fed), U.S. consumer debt is approaching a record-breaking $16 trillion. Critically, the rate of increase in consumer debt for the fourth quarter of 2021 was also the highest seen since 2007.

This graphic provides context into the consumer debt situation using data from the end of 2021.

Housing Vs. Non-Housing Debt

The following table includes the data used in the above graphic. Housing debt covers mortgages, while non-housing debt covers auto loans, student loans, and credit card balances.

DateHousing Debt
(USD trillions)
Non-Housing Debt
(USD trillions)
Total Consumer Debt
(USD trillions)
Q1 20035.182.057.23
Q2 20035.342.047.38
Q3 20035.452.107.55
Q4 20035.962.108.06
Q1 20046.172.138.30
Q2 20046.342.128.46
Q3 20046.642.208.84
Q4 20046.832.229.05
Q1 20057.012.199.20
Q2 20057.232.269.49
Q3 20057.452.359.80
Q4 20057.672.3410.01
Q1 20068.022.3610.38
Q2 20068.352.4010.75
Q3 20068.652.4611.11
Q4 20068.832.4811.31
Q1 20079.032.4611.49
Q2 20079.332.5311.86
Q3 20079.562.5812.14
Q4 20079.752.6312.38
Q1 20089.892.6512.54
Q2 20089.952.6512.60
Q3 20089.982.6912.67
Q4 20089.972.7112.68
Q1 20099.852.6812.53
Q2 20099.772.6312.40
Q3 20099.652.6212.27
Q4 20099.552.6212.17
Q1 20109.532.5812.11
Q2 20109.382.5511.93
Q3 20109.282.5611.84
Q4 20109.122.5911.71
Q1 20119.182.5811.76
Q2 20119.142.5811.72
Q3 20119.042.6211.66
Q4 20118.902.6311.53
Q1 20128.802.6411.44
Q2 20128.742.6411.38
Q3 20128.602.7111.31
Q4 20128.592.7511.34
Q1 20138.482.7511.23
Q2 20138.382.7711.15
Q3 20138.442.8511.29
Q4 20138.582.9411.52
Q1 20148.702.9611.66
Q2 20148.623.0211.64
Q3 20148.643.0711.71
Q4 20148.683.1611.84
Q1 20158.683.1711.85
Q2 20158.623.2411.86
Q3 20158.753.3112.06
Q4 20158.743.3712.11
Q1 20168.863.3912.25
Q2 20168.843.4512.29
Q3 20168.823.5412.36
Q4 20168.953.6312.58
Q1 20179.093.6412.73
Q2 20179.143.6912.83
Q3 20179.193.7712.96
Q4 20179.323.8213.14
Q1 20189.383.8513.23
Q2 20189.433.8713.30
Q3 20189.563.9513.51
Q4 20189.534.0113.54
Q1 20199.654.0213.67
Q2 20199.814.0613.87
Q3 20199.844.1313.97
Q4 20199.954.2014.15
Q1 202010.104.2114.31
Q2 202010.154.1214.27
Q3 202010.224.1414.36
Q4 202010.394.1714.56
Q1 202110.504.1414.64
Q2 202110.764.2014.96
Q3 202110.994.2415.23
Q4 202111.254.3415.59

Source: Federal Reserve

Trends in Housing Debt

Home prices have experienced upward pressure since the beginning of the COVID-19 pandemic. This is evidenced by the Case-Shiller U.S. National Home Price Index, which has increased by 34% since the start of the pandemic.

Driving this growth are various pandemic-related impacts. For example, the cost of materials such as lumber have seen enormous spikes. We’ve covered this story in a previous graphic, which showed how many homes could be built with $50,000 worth of lumber. In most cases, these higher costs are passed on to the consumer.

Another key factor here is mortgage rates, which fell to all-time lows in 2020. When rates are low, consumers are able to borrow in larger quantities. This increases the demand for homes, which in turn inflates prices.

Ultimately, higher home prices translate to more mortgage debt being incurred by families.

No Need to Worry, Though

Economists believe that today’s housing debt isn’t a cause for concern. This is because the quality of borrowers is much stronger than it was between 2003 and 2007, in the years leading up to the financial crisis and subsequent housing crash.

In the chart below, subprime borrowers (those with a credit score of 620 and below) are represented by the red-shaded bars:

Mortgage originations by Credit Score

We can see that subprime borrowers represent very little (2%) of today’s total originations compared to the period between 2003 to 2007 (12%). This suggests that American homeowners are, on average, less likely to default on their mortgage.

Economists have also noted a decline in the household debt service ratio, which measures the percentage of disposable income that goes towards a mortgage. This is shown in the table below, along with the average 30-year fixed mortgage rate.

YearMortgage Payments as a % of Disposable IncomeAverage 30-Year Fixed Mortgage Rate
200012.0%8.2%
200412.2%5.4%
200812.8%5.8%
20129.8%3.9%
20169.9%3.7%
20209.4%3.5%
20219.3%3.2%

Source: Federal Reserve

While it’s true that Americans are less burdened by their mortgages, we must acknowledge the decrease in mortgage rates that took place over the same period.

With the Fed now increasing rates to calm inflation, Americans could see their mortgages begin to eat up a larger chunk of their paycheck. In fact, mortgage rates have already risen for seven consecutive weeks.

Trends in Non-Housing Consumer Debt

The key stories in non-housing consumer debt are student loans and auto loans.

The former category of debt has grown substantially over the past two decades, with growth tapering off during the pandemic. This can be attributed to COVID relief measures which have temporarily lowered the interest rate on direct federal student loans to 0%.

Additionally, these loans were placed into forbearance, meaning 37 million borrowers have not been required to make payments. As of April 2022, the value of these waived payments has reached $195 billion.

Over the course of the pandemic, very few direct federal borrowers have made voluntary payments to reduce their loan principal. When payments eventually resume, and the 0% interest rate is reverted, economists believe that delinquencies could rise significantly.

Auto loans, on the other hand, are following a similar trajectory as mortgages. Both new and used car prices have risen due to the global chip shortage, which is hampering production across the entire industry.

To put this in numbers, the average price of a new car has climbed from $35,600 in 2019, to over $47,000 today. Over a similar timeframe, the average price of a used car has grown from $19,800, to over $28,000.

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