Markets
Visualizing Ukraine’s Top Trading Partners and Products
Subscribe to the Elements free mailing list for more like this
Visualizing Ukraine’s Top Trading Partners and Products
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.
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.
Country | Trade with Ukraine (2020) | Exports from Ukraine (%) | Imports to Ukraine (%) |
---|---|---|---|
🇨🇳 China | $15.3B | 46% | 54% |
🇩🇪 Germany | $7.4B | 28% | 72% |
🇵🇱 Poland | $7.4B | 45% | 55% |
🇷🇺 Russia | $7.2B | 37% | 63% |
🇹🇷 Turkey | $4.8B | 50% | 50% |
🇧🇾 Belarus | $4.2B | 32% | 68% |
🇮🇹 Italy | $4.1B | 48% | 52% |
🇺🇸 U.S. | $3.9B | 25% | 75% |
🇮🇳 India | $2.7B | 73% | 27% |
🇳🇱 Netherlands | $2.6B | 71% | 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 Value | Share of Exports |
---|---|---|
Cereals | $9.4B | 19.1% |
Iron and steel | $7.7B | 15.6% |
Animal or vegetable fats, oils, and other products | $5.8B | 11.7% |
Ores, slag, and ash | $4.4B | 8.9% |
Electrical machinery and equipment | $2.6B | 5.2% |
Other goods | $19.4B | 39.5% |
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 Value | Share of Imports |
---|---|---|
Mineral fuels, oil, and mineral products | $7.4B | 13.8% |
Boilers, machinery and mechanical appliances | $6.3B | 11.7% |
Vehicles other than railway or tramway rolling stock | $5.5B | 10.2% |
Electrical machinery and equipment | $5.3B | 9.9% |
Pharmaceutical products | $2.5B | 4.7% |
Other goods | $26.6B | 49.7% |
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.
Markets
Graphene: An Investor’s Guide to the Emerging Market
The market value of graphene could reach $3.75 billion by 2030. As the emerging industry shows fast growth, it also faces obstacles.


Graphene: An Investor’s Guide to the Emerging Market
Graphene is an atomic-scale “honeycomb” that is revolutionizing the world of materials and capturing investor attention.
Experts predict that its market value could reach the billion-dollar threshold by 2027 and soar to a staggering $3.75 billion by 2030.
In this infographic sponsored by HydroGraph, we dive into everything investors need to know about this exciting industry and where it’s headed.
Promising Properties
Graphene possesses several unique physical properties which contribute to its wide range of potential applications.
- 200 times stronger than steel
- Harder than diamonds
- 1,000 times lighter than paper
- 98% transparent
- Higher electrical conductivity than copper
- Heat conductivity: 5 times that of copper
- 2,630 m² of surface area per gram
Since its first successful isolation in 2004, graphene’s properties have opened the doors to a multitude of commercial applications and products.
Applications of Graphene
Graphene has permeated numerous sectors like electronics, energy, and healthcare because of its impressive array of end uses.
Industry | Revenue CAGR of Graphene Across Industries, 2022-2027 |
---|---|
Biomedical and Healthcare | 52% |
Electronics and Telecommunications | 34% |
Energy | 25% |
Aerospace and Defense | 16% |
Other End-User Industries | 17% |
Graphene’s antibacterial properties make it highly suitable for medical instruments and implants. Furthermore, it has shown remarkable potential in helping treat diseases such as cancer.
Another one of the material’s applications is its ability to emit high-speed light pulses, or to combine graphene’s thinness and high-conductivity to create the tiniest possible light sources.
All in all, it’s difficult to sum up graphene’s properties and potential applications in one place. The supermaterial has been covered and cited in thousands of academic journals, and comes up with over 2 million search results on Google Scholar.
Graphene Commercialization
Graphene has evolved from a scientific breakthrough to a commercial reality in less than two decades, putting it firmly on the radar of many future-focused investors.
But despite the strides the industry is making, it is still in its infancy, and therefore challenges exist on the path to widespread adoption. Here are the top five commercialization obstacles perceived by industry players.
Obstacle | % of survey respondents |
---|---|
Cost | 31% |
Production Methods, Scaling, and Distribution | 21% |
Material Quality/Consistency | 17% |
Lack of Knowledge/Awareness | 15% |
Dispersion/Handling | 14% |
When transitioning cutting-edge materials from the laboratory to consumer products, challenges like these can be expected. But one company is tackling them head-on.
By producing 99.8% pure graphene, and ensuring batch-to-batch consistency, HydroGraph is helping meet the growing demand for graphene products across industries while addressing challenges like cost, scale, and quality.

Interested in learning more? Explore investment opportunities with HydroGraph now.

-
Markets2 weeks ago
Charting the Rise of America’s Debt Ceiling
By June 1, a debt ceiling agreement must be finalized. The U.S. could default if politicians fail to act—causing many stark consequences.
-
Wealth2 weeks ago
Ranked: The World’s Top 50 Endowment Funds
Endowment funds represent the investment arms of nonprofits. See the worlds top 50, which collectively have over $1 trillion in assets.
-
Markets3 weeks ago
Visualizing the American Workforce as 100 People
Reimagining all 200 million of the American workforce as 100 people: where do they all work, what positions they hold, and what jobs they do?
-
Markets4 weeks ago
Visualized: Real Interest Rates by Country
What countries have the highest real interest rates? We look at 40 economies to analyze nominal and real rates after projected inflation.
-
Markets2 months ago
Ranked: The Largest Bond Markets in the World
The global bond market stands at $133 trillion in value. Here are the major players in bond markets worldwide.
-
Markets2 months ago
Visualized: The Largest Trading Partners of the U.S.
Who are the biggest trading partners of the U.S.? This visual showcases the trade balances between the U.S. and its trading partners.
-
Demographics1 day ago
Comparing Population Pyramids Around the World
-
Wealth2 weeks ago
Ranked: The World’s Top 50 Endowment Funds
-
Markets4 weeks ago
Visualized: Real Interest Rates by Country
-
Markets2 weeks ago
Charting the Rise of America’s Debt Ceiling
-
Money4 weeks ago
Comparing the Speed of Interest Rate Hikes (1988-2023)
-
United States2 weeks ago
Ranked: The Cities with the Most Skyscrapers in 2023
-
War4 weeks ago
Map Explainer: Sudan
-
Urbanization2 weeks ago
Ranked: The World’s Biggest Steel Producers, by Country