The EU trade surplus with Ukraine peaked in the fourth quarter of 2024 at €5.8 billion.
EU exports to Ukraine increased by 9.3% in the last three months of 2024 compared to the previous quarter, while imports from Ukraine saw a slight decline of 1.8%.
This resulted in a trade surplus of €5.8 billion for the EU, according to the latest Eurostat figures.
Between the fourth quarter of 2024 and 2023, EU exports to Ukraine grew by 16.7%, whereas imports rose by 9.2%.
Since the beginning of 2021, the EU has maintained a trade surplus with Ukraine.
The only exception was the first quarter of 2022 due to Russia’s invasion of Ukraine.
The surplus has been particularly pronounced in sectors like machinery and vehicles, balancing out deficits in categories including food, beverages, tobacco, and raw materials.
What are the key products exchanged between the EU and Ukraine?
From 2023 to 2024, the EU imports from Ukraine on rape or colza seeds, soya bean oil, maize, sunflower oil and iron and steel increased, while the share for wood decreased.
The EU adopted a regulation in early June 2022 that allowed for temporary full trade liberalisations, suspending import duties, quotas and trade defence measures for imports from Ukraine temporarily.
Although this directive ended in mid-September 2023, it significantly boosted EU imports from Ukraine for several agricultural products.
Between the fourth quarters of 2022 and 2024, Ukraine’s share of sunflower oil in transactions with all countries outside of the EU decreased from 94% to 79%.
However, in 2024, Russia became one of the main partners for extra-EU imports of this product, with a share of 3%.
The EU imports of iron and steel from Ukraine have decreased by 48 percentage points in the last three months of 2024, when compared with the fourth quarter of 2021.
Both volume and value of the EU’s imports of iron and steel from Ukraine increased strongly in the beginning of 2021 as demand and unit values increased following the economies’ gradual recovery from the COVID-19 pandemic.
Yet, imports declined in late 2021, and did not return to pre-Russian invasion levels.
Arms and ammunitions, and explosives are the two main product groups that saw the largest increases in EU exports to Ukraine in the last months of 2024.
ADVERTISEMENTUrsula von der Leyen confirmed a €3.5 billion package of EU financial assistance to provide additional liquidity for Ukraine’s strained budget and facilitate the purchase of military equipment from its domestic industry.
This €3.5 billion is an advance on a larger €50 billion assistance fund established by the European Union in early 2024.
While Brussels has managed to cover Ukraine’s financial needs for the entire year, the supply of weaponry after the summer remains uncertain.
Video editor • Mert Can Yilmaz
