Trade and economic cooperation between Ukraine and Iceland
Trade and economic cooperation between Ukraine and Iceland
29 March 2021 11:50
According to the State Statistics Service of Ukraine, in 2020 overall turnover of trade in goods and services between Ukraine and Iceland amounted to 92,4 mln. USD (‒ 5,6%), including exports – 1,7 mln. USD (- 39,8%), imports – 90,6 mln. USD (‒4,5%). Negative balance for Ukraine is 88,8 mln. USD.
Trade in goods
Іn 2020 the indicator of bilateral trade in goods compared to 2019 amounted to 91,5 mln. USD (- 4,2%), including exports – 1.0 mln. USD (+3,2%), imports – 90,5 mln. USD (- 4,2%), negative balance for Ukraine is 89,4 mln. USD.
Commodity structure of exports: nuclear reactors, boilers, machinery (39,1%), electrical machinery (11,9%), clothes and knitwear (10,4%), furniture (10,2%), headdress (8,6%), clothes and textile (5,3%), made up textile articles (3,4%), wood and wood products (2,4%), ferrous metals and articles (2,9%), plastics, polymers (1,8%).
Commodity structure of imports: fish and shellfish (94,0%), meat and fish products (3,0%), milk, dairy products, poultry eggs, natural honey (1,6%).
Trade in services
In 2020 the volume of trade in services compared to 2019 amounted to 0,8 mln. USD (- 61,8%), including exports – 0,7 mln. USD (‒ 61,6%), imports – 0,1 mln. USD (- 65,8%), active balance for Ukraine is 0,6 mln. USD.
The structure of exports of services: business services (46,9%), services in communication sphere, IT (36,9%), transport services (6,7%), travel services (2,6%).
The structure of imports of services: travel services (47,4%), transport services (35,8%),
Investment cooperation
As of September 30, 2020, the volume of direct investments from Iceland to the Ukrainian economy amounted to 2,2 mln. USD. Including: 2,2 mln. USD - equity instruments, debt instruments - not recorded. Investments were directed to the real estate transactions ( 2,1 mln. USD).
No investments from Ukraine to Iceland have been recorded.
Exporters and Investors Council (EIC) under the Ministry of Foreign Affairs of Ukraine was established in 2013 in order to safeguard national interests in Ukrainian export promotion and attraction of foreign investments to Ukraine.
EIC is a platform, which unites Ukrainian producers, exporters and leading business associations providing necessary support in promoting their goods and services abroad and entering new markets, as well as attracting foreign investors and companies to Ukraine effectively using diplomatic tools, resources and networks.
The Head of the Council is the Minister for Foreign Affairs of Ukraine.
In December of 2020, the Parliament of Ukraine passed law 3760 “On State Support for Investment Projects with Significant Investments” and President of Ukraine Volodymtyr Zelensky signed it in February of 2021.
The Law will encourage investment in Ukraine’s economy, contribute to the creation of new high-paid jobs and economic development of the regions. Incentives will be given to investors that committed to make EUR 20 million investments and create 80+ jobs with a salary 15% higher than the average https://ukraineinvest.gov.ua/news/the-business-week-for-the-week-of-december-14-20-2020/