Ukrainian exports showed sufficient resilience to crisis developments in 2020, in contrast to previous crises, in particular due to an increase in the share of food products in its structure.
The National Bank of Ukraine (NBU said this in its quarterly Inflation Report for October 2020.
Unlike previous crises, Ukrainian exports in 2020 showed sufficient resilience to crisis events. This was due to a number of external and internal factors. In particular, the share of food products, the demand for which is stable even during the crisis, has grown in recent years in the structure of exports.
Another important factor was the strengthening of trade relations with China against the background of its trade confrontation with the United States. Last year, China for the first time became Ukraine’s second largest trading partner after the EU and remained it in 2020. In addition, the Chinese economy returned to growth rather quickly after the start of coronavirus crisis. (Ukrinform/Business World Magazine)