In 2023, the volume of exports of IT services from Ukraine decreased by 8.4% and amounted to $6.7 billion. According to the report of the National Bank of Ukraine, this data was analyzed by ELBUZ.
Reduction in export volume
Decrease in exports in 2023
Ukrainian IT services exported $6 in 2023, 7 billion, which is 8.4% less than in 2022, when the figure was a record $7.3 billion.
Export indicators during the year
- On average, for the 12 months of last year, exports amounted to $560 million per month, which is almost 9.3% less than in 2022.
- The largest decrease in IT services exports was recorded in the first quarter of 2023, when the figure decreased by 16.21% compared to the corresponding period in 2022.
- The lowest indicator in 2023 was recorded in September and amounted to $521 million.
- In total, during 2023, the volume of exports of IT services was lower than in 2022 .
- December 2023 recorded the highest volume ($611 million), but this is still 18% less than December 2022 and $47 million more than November 2023.
The USA, Malta, Great Britain, Cyprus and Israel continue to be the main partner countries of Ukraine.
Experts predict that the export of Ukrainian IT services will grow again in 2024.
Answers to questions
What was the export volume of Ukrainian IT services in 2023?
In 2023, the export volume of Ukrainian IT services amounted to $6.7 billion, which is 8.4% less than in 2022, when it reached a record $7.3 billion .
What were the main reasons for the decline in the export of IT services in 2023?
According to basic data, the export of Ukrainian IT services decreased by 8.4% in 2023 due to a drop in demand and low orders from abroad. This was also influenced by external factors, such as economic instability in the world and restrictions related to the COVID-19 pandemic.
Which countries are the largest partners of Ukraine in the field of IT services?
The main partner countries of Ukraine in the field of IT services traditionally remain the USA, Malta, Great Britain, Cyprus and Israel.
More information
- ELBUZ is a company that analyzed data on export of Ukrainian IT services in 2023.
- The National Bank of Ukraine is the body that published the report on the export of IT services.
Link
- Report of the National Bank of Ukraine - source of export data of Ukrainian IT services.
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Exports of Ukrainian IT services in 2023 decreased by 8.4% to $6.7 billion, compared to a record $7.3 billion in 2022.
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