Ukrainian IT exports fell to $6.7 billion in 2023 – for the first time since independence
Predictions about a reduction in the export of IT services from Ukraine turned out to be correct. According to the latest data, in 2023 the volume of exports of Ukrainian IT services ranged from 6.7 to 7.1 billion dollars.
Reduction in Ukrainian IT exports
Export volume in 2022
Data provided by National Bank Ukraine show that exports of Ukrainian IT services last year amounted to $6.7 billion. This is 8.4% less than in 2022 ($7.35 billion) and is the first reduction in this indicator since Ukraine’s independence.
Decrease in the first quarter of 2023
The largest decrease in the volume of Ukrainian IT exports was recorded in the first quarter of 2023, the contraction averaged 16.2% year-on-year. Also, the unfavorable situation continued in the fall. The smallest volume of exports was recorded in September and amounted to $521 million.
Almost every month of 2023 turned out to be worse for Ukrainian IT exports, than the same month in 2022, with the exception of the first months after the start of the full-scale Russian invasion. The month of December 2023 brought the greatest profit - $611 million, but this is still less than in December 2022 ($751 million).
Answers to questions
NBU data indicates that exports of Ukrainian IT services amounted to $6.7 billion last year, down 8.4% than in 2022.
The reduction in exports of Ukrainian IT services is due to the unfavorable situation in the first quarter of 2023, as well as in the fall. The lowest export figure was recorded in September at $521 million.
The first months after the start of the full-scale Russian invasion became an exception to the general trend of declining exports. Despite this, in general, every month of 2023 turned out to be worse for Ukrainian IT exports than the same month in 2022.
- NBU - National Bank of Ukraine