Despite Russia’s ongoing aggression against Ukraine and all related challenges, Ukrainian resilience is continuing to provide impressive results – also in doing business.

According to Statistics Norway, the bilateral trade of goods in the first 11 months of 2023 was up 88 % compared to the same period in 2022. This is encouraging to see!

Norwegian exports to Ukraine

Seafood continues to be the main driver of Norwegian exports to Ukraine, with salmon constituting the main product. While high seafood prices drive a 55 % growth in value, volume is also up 24 % compared to the first 11 months of 2022.

Trade in second-hand electric vehicles also continues to grow rapidly. This is up 503 % in value and will constitute a trade of over 1 billion NOK in 2023. A similar value is exported in weapons & ammunition, up 59 % from last year’s period.

Norwegian imports from Ukraine

The main driver of growth has been feed ingredients to the Norwegian livestock and aquaculture industries. This is a sector with a huge additional potential, which has only recently been tapped into. NUCC has been anticipating and working towards opening this sector for several years.

We see relatively stable manufacturing, machinery, furniture, and clothes exports. All things considered, this is an accomplishment, which is mainly due to the Ukrainian manufacturers’ ability to adapt.

When it comes to IT services, the National Bank of Ukraine (NBU) reports that exports are down 5,3 % from last year’s period. However, we estimate that the NBU only registers approximately half of the IT trade. The Ukrainian IT industry reported a 9.3 % decline in the first half of 2023, and we estimate that it is likely that bilateral trade in IT mirrors that growth trajectory.