In June 2024, there was a decrease in the export of IT services from Ukraine to $512 million, which is the second lowest figure for the year. The total volume of exports for the first half of the year reached $3.2 billion.
Export of IT services of Ukraine
June indicators
According to the National Bank of Ukraine, in June 2024 the volume of IT services exports from our country reached $512 million. This turned out to be the second lowest result for the current year, about that is reported in the regulator's report.
Comparison with previous months
Compared to May 2024, when the export of IT services amounted to $560 million, a decrease of $48 million (8.57%) was observed in June. This indicator turned out to be the lowest in 2024 after the January result of $508 million. It is worth noting that the highest level of export of IT services was recorded in March - $565 million.
Share in total exports
In June 2024, the export of IT services accounted for approximately 37.32% of of the total export volume of Ukraine, which reached $1,372 million. IT services from Ukraine reached $3 billion 207 million. For comparison, for the same period in 2023, this figure was $3 billion 377 million.
Key partners
The main partner countries of Ukraine in the field of IT are the United States of America, Great Britain, Malta, Cyprus and Israel.
Retrospective of 2023
It is worth reminding that in 2023 the total export of Ukrainian IT services amounted to $6.7 billion. This is 8.4% less than the record year of 2022, when the figure of $7.3 billion was reached.
Glossary
- The National Bank of Ukraine is the central bank of Ukraine, the main regulator of the country's banking system.
- IT services - services in the field of information technology, including software development, consulting and other related services.
- USA - the United States of America, the world's leading economy and one of the main partners of Ukraine in the IT industry.
- Cyprus is an island state in the Mediterranean Sea, a popular jurisdiction for registering IT companies.
- Israel is a country in the Middle East known for its achievements in the field of high technology and innovation.
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What was the volume of IT services exports from Ukraine in June 2024?
How did the export of IT services change compared to the previous month?
What is the share of the export of IT services in the total export of Ukraine?
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How did the export volume of IT services change in 2023 compared to the previous year?
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Discussion of the topic – Export of IT services of Ukraine: June decline by 9% to $512 million
In June 2024, the export of IT services from Ukraine decreased by 8.57% compared to May, reaching $512 million. This is the second lowest indicator of the year according to the NBU.
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Oleksiy
It is interesting that the export of IT services from Ukraine has decreased. But still, $512 million is a significant sum for our economy. Do you think we will be able to return to growth in the coming months? 🤔
Sophie
Oleksiy, I think this is a temporary phenomenon. Our IT professionals are very talented and the demand for their services remains high. This may be due to seasonality or global economic trends. 💻🌍
Marco
Sophie is right. In addition, 37.32% of total exports is an impressive share! Our IT industry shows resilience even in difficult conditions. I wonder what new technologies or directions could strengthen our position on the international market? 🚀
Ewa
I work for an IT company that works with American clients. Recently, we have seen an increase in interest in cybersecurity and artificial intelligence services. Perhaps the focus on these areas will help increase exports? 🔐🤖
Helmut
Oh, that talk of exports and innovation again. Isn't it better to focus on the domestic market? Why chase foreign orders when you can develop your own infrastructure? All this seems too risky to me. 😒
Oleksiy
Helmut, I understand your concern, but exporting IT services brings foreign currency into the country, which is important for our economy. In addition, it stimulates the development of the industry and increases the qualifications of our specialists. 💪🇺🇦
Sophie
I agree with Oleksiy. In addition, our experience in the international market can be used for the development of domestic projects. It's not either/or, but both/and. 😊
Marco
Exactly! And one more point - cooperation with the USA, Great Britain and other countries gives us access to advanced technologies and practices. This is an invaluable experience for our IT community. Ewa, what other trends do you notice in your company? 🌐📊