Ministry of Economic Development updating Export Strategy of Ukraine

Ministry of Economic Development updating Export Strategy of Ukraine

Ukrinform
The Ministry of Economic Development, Trade and Agriculture is updating the Export Strategy of Ukraine, which will determine the main directions of export policy for the coming years.

Deputy Minister of Economic Development Oleksandr Romanishyn stated this during a public discussion of the draft National Economic Strategy of Ukraine until 2030 entitled "International Economic Policy and Trade, Export Credit Agency" held in Kyiv on February 2, Ukrinform reports referring to the ministry’s press service.

According to him, in this direction, the Ministry of Economic Development is focused on strengthening the interaction of institutions to support exports, expanding the tools of such assistance, in particular, ensuring access to financial resources.

The ministry reminded that in order to create a modern export support system, it is necessary to ensure the full operation of the Export Credit Agency (ECA).

“In 2020, we carried out large-scale work on forming the regulatory framework of the Agency. In addition, there will be a ruling to increase the authorized capital of ECA to UAH 2 billion in the near future. All this will allow ECA to start working effectively and increase Ukrainian exports, increase the competitiveness of Ukrainian exporters, and support the development of small and medium-sized enterprises,” Romanishyn commented.

As reported by Ukrinform, according to data provided by the State Customs Service, Ukraine in 2020 imported goods for a total sum of $54.2 billion (imports decreased by $6.2 billion, or 10.3%, from 2019). Exports from Ukraine last year amounted to $49.2 billion (decreased by $0.85 billion, or 1.7%). The largest volumes of goods exported from Ukraine were cereals ($9.4 billion),  ferrous metals ($7.7 billion), as well as animal fats and vegetable oils ($5.8 billion).

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