Export of IT services from Ukraine: growth of almost 3% in May to $560 million

Ukraine continues to successfully export IT services, despite the challenges caused by the war: in May 2024, the volume of exports increased by almost 3% compared to April, reaching $560 million.

IT export of Ukraine

Telling indicators

In May of this year, Ukrainian IT specialists demonstrated increased productivity , because the value of exported services reached $560 million. This indicator is $15 million (approximately 2.75%) higher than the April result of $545 million. However, March receipts from IT exports slightly exceeded May - $565 million. The lowest level was recorded at the beginning of the year - $508 million in January.

Significant contribution

It should be emphasized that the export of IT services took the lion's share in the structure of the total export of Ukraine in May, namely - 38.11% ($1469 million). In total, for the first five months of 2024, the receipts from IT exports amounted to $2 billion 695 million, although last year for the same period this amount was slightly higher - $2 billion 804 million.

Reliable partners

Leading partner countries actively cooperating with Ukrainian IT- companies, traditionally the USA, Great Britain, Malta, Cyprus and Israel.

Last year's achievements

In 2023, the export of Ukrainian IT services amounted to $6.7 billion, which is 8.4% less compared to the record figures of 2022 - $7.3 billion. However, taking into account the current situation in the country, such an amount indicates the stability and competitiveness of the domestic IT industry.

Glossary

• USA (United States of America) - a highly developed country in North America, world a leader in many fields, in particular in the IT industry.
• Great Britain is a country in Western Europe, part of the European Union, one of the leading centers of information technology development.
• Malta is a small island state in the Mediterranean Sea, an offshore center for many international companies, including the IT business.
• Cyprus is an island country in the Mediterranean Sea, a popular offshore location for many IT companies due to favorable tax legislation.
• Israel is a country in the Middle East, known for its innovations and achievements in the field of high technologies, particularly in the IT sector.

Link

• Report of the National Bank of Ukraine

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Discussion of the topic – Export of IT services from Ukraine: growth of almost 3% in May to $560 million

2024-07-01

The volume of IT services exports from Ukraine in May 2023 increased by almost 3% compared to April and amounted to $560 million. This testifies to the steady demand for Ukrainian IT solutions in the world market, despite the challenges of wartime.

Vladimir Kosygin
Vladimir Kosygin Copywriter Elbuz

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