Russia’s war caused a decrease in Ukraine’s exports-to-GDP ratio from 48% in 2021 to 29% in 2024, Forbes Ukraine estimated.
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The figure is based on the Major 50 Exporters Rating, published in the 2025 February-March magazine issue.
According to Forbes Ukraine estimates, Ukraine’s exports are worth $56.4 billion in total in 2024, although the country became less export-oriented because Russia decreased Ukraine’s exports potential.
Due to destroyed production infrastructure in chemical and energy sectors, these companies are no longer represented as major exporters. The mining and metallurgical sector has also seen a significant decline in exports, the media outlet wrote.
Arms industry exports are still not represented due to the export ban Ukraine’s government imposed after Russia’s full-scale invasion in February 2024.
Thus, the economy became focused mostly on agriculture exports. “The share of the agriculture and food industry in exports currently stands at 44% – or 59% if we only count goods exports,” Forbes analysts wrote.
By export volumes, agriculture accounts for 22 out of 50 companies, Forbes Ukraine wrote.
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One of the key secrets to Ukraine’s export stability is its ability to keep the Black Sea corridors open. This has also enabled a slight decrease in logistics prices for exporters.
Ukraine’s key exporters
Agriculture
Exported goods worth $20.7 billion: grain, sunflower oil and rapeseed comprise the top-three exports, Forbes Ukraine estimated.
This is one of the few industries that experienced a slight downturn in exports, with total volumes of $24.2 billion in 2021.
Key export markets: Spain, Turkey, Netherlands, Egypt and China.
Key exporters: Kernel, Archer Daniels Midland Company Ukraine, Cargill, Louis Dreyfus, Nibulon, Suntrade (Bunge Ukraine), B Agro, Viterra Ukraine, Agroprosperis, Delta Wilmar, Continental Farmers Group, Epicentre Agro, Granova Ukraine.
Food industry
Export volumes comprised $4 billion in 2024 and the volumes even increased compared to $3.5 billion in pre-war 2021, according to Forbes Ukraine estimates.
Key export markets: Poland, Netherlands, Moldova, Saudi Arabia, Germany.
Keu exporters: MHP, Astarta, Roshen, Radekhivskyi sugar, Mondelez Ukraine.
Ukraine’s food exporters returned to focusing on Asian markets after a brief period of intense exporting to the European Union. After Ukrainian companies exhausted the quotas within just six months, the doors of the EU’s market closed. Ukrainian companies were disappointed by that, thought they could still sell the largest volume of sugar produced since 1997.
So decreased quotas by the EU made producers refocus on their traditional markets in the Middle East and Asia, Sri Lanka, Africa, also thanks to the stabilization of maritime traffic through the ports of Greater Odessa.
Mining and metals
This industry also suffered from blackouts imposed after Russia’s attacks on energy infrastructure.
Key exporters: Metinvest, ArcelorMittal Kryvyi Rih, Ferrexpo, Interpipe, Zaporizhstal, Centravis, JSC Kryvyi Rih Iron-Ore.
Export volumes suffered the largest drop from $23.1 billion in 2021 to $7.3 billion in 2024, according to Forbes Ukraine estimates.
Key export markets: Poland, China, Bulgaria, US, Slovakia.
IT
Market players are complaining the West no longer wants to create more projects with Ukrainian IT companies since they’re concerned Ukrainians will not successfully complete them due to security risks. Although Ukrainian companies state the opposite – they have all infrastructure to work despite the blackouts, mobilization and missile attacks from Russia.
Key exporters: EPAM Ukraine, SoftServe, GlobalLogic, Luxoft Ukraine, Intellias, Ciklum.
Exports volumes went through a slight decrease from $6.9 billion in 2021 to $6.4 billion in 2024, Forbes wrote.
Key export markets: United States, United Kingdom, Malta, Cyprus, Israel.
Machinery manufacturing
Exporters are represented by Kromberg & Schubert, Leoni Wiring Systems, Electro Cable Group, Vents, Modern Expo.
Exports volumes decreased by almost half, according to Forbes Ukraine estimates. Total export volumes of the industry were worth $6.1 billion in 2021 and dropped to $3.5 billion in 2024.
Key export markets: Germany, Hungary, Poland, Czech Republic, Romania.
In 2025, the export of machinery and equipment from Ukraine is expected to increase by at least 7%, Forbes wrote, quoting Dmitry Churin, Director of the Analytical Department at Eavex Capital.
Wood processing and furniture sector
Exporters are represented by Barlinek, Hjort Knudsen Ukraine, Kronospan, Accord Imports, Sofro.
Some of these companies procure production to Ikea and Jysk, Swedish and Danish retail chains. Export remains the key driver of the industry as demand inside the country halved, Forbes Ukraine wrote.
Exports volumes have also faced a slight decrease in volumes – from $3.4 billion in 2021 to $2.5 billion in 2024.
Key export markets: Poland, Germany, Romania, Moldova, Turkey.
Other companies
Other companies that do not fall into any of these categories but are vital to Ukraine’s exports include GTS Ukraine Operator, Ukrtransnafta, Bader Ukraine, PJSC Ivano-Frankivskcement, Farmak, Schreder, Yuria-Farm, Procter & Gamble.
Despite the push from US President Donald Trump’s administration to get a peace deal between Ukraine and Russia by midyear, Ukraine’s economy cannot sharply transition from a war-time economy to sudden recovery – no matter how quickly the peace negotiations develop or what demands are levied on Ukraine by foreign partners or adversaries, National Bank of Ukraine Deputy Governor Sergiy Nikolaychuk told Kyiv Post.
The impact of the end of the war on Ukraine’s economic activity will take time and require a robust security agreement with allies to give investors confidence in Ukraine’s long-term economic stability and potential for growth.
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