09/09/08
EU trade with Ukraine
European Union Supplants Russia as Ukraine’s Biggest Trading Partner
By Nova Mova from Internet sources.
Since Ukraine’s independence in 1991, the country’s exports to the European Union (EU) has grown steadily and is now more than twice that of its exports to Russia, which used to be its biggest trading partner.
In 2007, the 27 member countries of the EU bought 31 percent of Ukraine’s exports and provided 45.6 percent of its imports for a total trading value of US$ 50.6 billion. The value of Ukraine’s trade with Europe has doubled since 2003. By comparison, the value of Ukraine’s trade with Russia in 2007 was only US$ 21 billion.
Although the EU is Ukraine’s top trading partner, Ukraine is only the 16th most important trading partner for the European block. Ukraine buys about 1.8 percent of Europe’s exported goods and accounting for only one percent of its imports. Russia, on the other hand, trades with Europe on a level roughly seven times higher, largely due to sale of oil and gas.
Europe imports agricultural products, energy, chemicals and machinery from Ukraine. The EU also imports steel and textiles; however, these are limited by certain bilateral agreements. From the EU, Ukraine imports machinery, chemicals and transportation equipment.
Ukraine also has a major impact on Europe as an important transit country for energy supplies from Russia. This was made very clear in 2006 when the interruption of natural gas supplies into Ukraine by the Russian monopoly, Gazprom, led to brief shortfalls in many countries of western Europe.
The EU is also the largest investor of capital in Ukraine. By the end of 2005, European interests had invested 7.7 billion euros in Ukraine, which accounted for 70 percent of total foreign investment in the country.
In 2007, the 27 member countries of the EU bought 31 percent of Ukraine’s exports and provided 45.6 percent of its imports for a total trading value of US$ 50.6 billion. The value of Ukraine’s trade with Europe has doubled since 2003. By comparison, the value of Ukraine’s trade with Russia in 2007 was only US$ 21 billion.
Although the EU is Ukraine’s top trading partner, Ukraine is only the 16th most important trading partner for the European block. Ukraine buys about 1.8 percent of Europe’s exported goods and accounting for only one percent of its imports. Russia, on the other hand, trades with Europe on a level roughly seven times higher, largely due to sale of oil and gas.
Europe imports agricultural products, energy, chemicals and machinery from Ukraine. The EU also imports steel and textiles; however, these are limited by certain bilateral agreements. From the EU, Ukraine imports machinery, chemicals and transportation equipment.
Ukraine also has a major impact on Europe as an important transit country for energy supplies from Russia. This was made very clear in 2006 when the interruption of natural gas supplies into Ukraine by the Russian monopoly, Gazprom, led to brief shortfalls in many countries of western Europe.
The EU is also the largest investor of capital in Ukraine. By the end of 2005, European interests had invested 7.7 billion euros in Ukraine, which accounted for 70 percent of total foreign investment in the country.
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