In August 2024, the export of Ukrainian IT services amounted to $507 million. This is $38 million (or 6.97%) less than in July of this year ($545 million). Thus, August demonstrated the lowest export of IT services from Ukraine in the first eight months of 2024.
At the same time, this is the lowest level since the beginning of the full-scale Russian invasion. The previous low was recorded in January 2024 – $508 million.
At the same time, exports of IT services accounted for approximately 37% of total exports from Ukraine in August 2024, amounting to $1.37 billion.
For the first eight months of 2024, the volume of IT services exports from Ukraine amounted to $4.26 billion, which is less than in the same period in 2023. Back then, the figure was $4.5 billion.
The main partner countries of Ukraine in the export of IT services are the United States, the United Kingdom, Malta, Cyprus, and Israel.
| Partner country | Exports of IT services in July 2024 (USD million) | Exports of IT services in August 2024 (USD million) | Exports of IT services in August 2023 (USD million) |
| USA | 198 | 184 | 218 |
| United Kingdom | 50 | 53 | 59 |
| Malta | 37 | 38 | 46 |
| Cyprus | 36 | 30 | 30 |
| Israel | 19 | 26 | 24 |
| Switzerland | 22 | 20 | 22 |
| Germany | 23 | 24 | 24 |
| Estonia | 14 | 12 | 13 |
| Poland | 15 | 15 | 11 |
| Canada | 15 | 7 | 8 |
It is worth noting that in 2022, the IT industry generated a record $7.34 billion in foreign exchange earnings for the Ukrainian economy. Compared to the pre-war year of 2021, exports increased by $400 million. However, in 2023, exports of Ukrainian IT services decreased by 8.4% to $6.7 billion.
Source: AIN
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