September 26, 2022

Bilateral trade dynamics during period of war

The bilateral trade of goods between Norway and Ukraine is on its way back to the volumes and dynamics seen prior to February 24th, according to the figures released by Statistics Norway.

As the war broke out, there was an immediate decrease in Norwegian exports of traditional goods but also a significant increase in Norwegian exports of various finished goods, which can principally be defined as humanitarian aid. By June, the number of finished goods returned to pre-war numbers, much as the other traditional Norwegian exports have returned.

Norwegian exports of fish have had a notably positive development. Since the restrictions were lifted in March, the numbers have been increasing steadily. Already in April, Norwegian exports of fish had reached 55 % value of April ‘21 numbers, followed by 76 % in May. In June, the number was up at 90 % of the same month the previous year.

Norwegian import of goods from Ukraine has remained impressively stable during months of the war, despite not yet being able to continue a positive trend since February this year. During March and April, the import was down 10 % compared to the same period in 2021, but since May, Norwegian imports from Ukraine report relatively similar numbers as the year before. Ukrainian producers continue to show strong resilience by working and delivering on orders. It is crucial to continue supporting these producers by placing new orders, and securing employment in local communities throughout the country.

The service sector has likewise shown impressive resilience during this difficult period. The Ukrainian IT sector has continued to prove crucial for the Norwegian market, as well as for the whole world. According to members and other NUCC sources, the IT sector is working as normal as possible and has been since just a few days after the outbreak of invasion. Sufficient and reliable official statistics on bilateral trade of services are not available.

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