EU-Ukraine trade shows economic resilience

Between March 2022 and December, Ukrainian exports to the EU even slightly exceeded pre-war levels. European imports from Ukraine remain slightly below pre-war levels, but have shown a sharp increase over the past year.

Overall, the EU imported a smaller percentage of Ukrainian corn, rapeseed, iron and steel and sunflower oil in 2022 compared to the previous year.

In 2021, the EU imported almost 90% of its sunflower oil from Ukraine. However, EU consumption of Ukrainian sunflower oil fell by almost 8% in 2022, as member countries sourced only 80% of their sunflower oil from Ukraine.

However, by the fourth quarter of 2022, the EU imported 88% of its sunflower oil from Ukraine, four points more than at the end of 2021. EU members also buy sunflower oil from Serbia and Moldova.

At the same time, the EU reported that in 2022 the percentage of imports of soybean oil and timber from Ukraine is slightly higher than in 2021.

While the EU imported less iron and steel from Ukraine, imports of goods from Russia also declined. In the fourth quarter of 2021, the EU received 14% of iron and steel from Russia and 8% from Ukraine. A year later, the EU imported just 6% of iron and steel from Russia and 4% from Ukraine.

Over the same period, the share of EU iron and steel imports from China jumped from 5% to 12%.