Ukraine
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP (USD) 165 bn Goods Exports 62
GDP per capita (USD) 3,657 Imports 80
GDP volume growth (year-on-year) + 5.2% Net – 18
Population 45.19m Services Exports 21
MMR (year average) 7.11% Imports 13
Exchange rate UAH / USD (year average) 7.9676 Net + 12
BoP (goods, services & income) as % of GDP – 8.4% Source: IFS, IMF, January 2013International/Regional memberships
Commonwealth of Independent States
(CIS): de facto participating member since 8
December 1991. Not an official member.
GUAM Organisation for Democracy and
Economic Development: founding member
since 1997. Armenia, Georgia and Moldova
are also members.
International Monetary Fund (IMF):
since 3 September 1992.
World Trade Organization (WTO):
since 16 May 2008.
Government trade policy
Ukraine has negotiated free trade
agreements with all CIS member states.
Ukraine has established a bilateral free trade
agreement with the European Free Trade
Association (EFTA) and a partnership and
cooperation agreement with the European
Union (EU).A free trade agreement with
the EU has been negotiated (but is not yet
signed) and free trade negotiations with
Canada and Singapore are ongoing.
The wholly state-owned State Export–Import
Bank of Ukraine (Ukreximbank —
http://www.eximb.com) provides state-supported
export finance and is the country’s leading
provider of export credit. Ukreximbank
receives insurance coverage from 35 foreign
export credit agencies.
Ukraine currently has no free trade zones or
special economic zones.Currency and exchange controls
Official currency: Ukrainian hryvnia (UAH).
Exchange rate arrangement:
stabilised arrangement against the US dollar
(USD), i.e. within a 2% band.
All forward foreign exchange operations are
required to be carried out within 365 days.
The National Bank of Ukraine (NBU —
http://www.bank.gov.ua)) manages exchanges
controls, along with other authorised
financial and credit institutions, the State
Tax Service, the State Customs Service, the
State Administration of Communications,
Ukrposhta (the national postal service
operator) and the Ministry of Infrastructure.
Cross-border payments or receipts are
settled in foreign currency.
Export proceeds need to be repatriated
within 180 days.