Ukraine’s positive foreign trade balance in ferrous metals decreased by approximately 24% in January–July 2026, to $655 million, according to Open4Business calculations based on data from the State Customs Service.
Over the seven months, Ukraine exported $1.678 billion worth of ferrous metals, while imports amounted to $1.023 billion.
During the same period of 2025, exports reached $1.816 billion, while imports, based on their current growth of 7.2%, amounted to approximately $954 million. Thus, the trade surplus at that time stood at approximately $862 million.
The reduction in the positive balance is associated with two trends: the export revenue of Ukrainian steelmakers decreased by 7.6%, while the value of products imported into the country increased by 7.2%.
In July, the gap between exports and imports narrowed even further: ferrous metal exports amounted to $199.9 million, while imports totalled $176.4 million.
Despite the deterioration in dynamics, Ukraine’s trade in ferrous metals remains in surplus. However, the margin of exports over imports is becoming significantly smaller.
Source: State Customs Service of Ukraine, Open4Business calculations.
In January–July 2026, Ukrainian steelmakers saw their foreign exchange revenue from ferrous metal exports decline by 7.6% compared to the same period last year—to $1.678 billion from $1.816 billion.
This is according to data from the State Customs Service of Ukraine.
The share of ferrous metals in Ukraine’s total merchandise export revenue over the first seven months fell to 6.95% from 7.79% in January–July 2025, or by 0.84 percentage points.
Thus, metallurgical products continue to account for a significant portion of Ukraine’s merchandise exports, but their share is shrinking amid a decline in the sector’s foreign exchange earnings.
At the same time, imports of ferrous metals into Ukraine continued to grow. In January–July, they increased by 7.2% to $1.023 billion.
Despite the contrasting trends in exports and imports, Ukraine maintained a positive trade balance in ferrous metals of approximately $655 million over the seven-month period.
The situation with fabricated metal products deteriorated separately. Exports of these products fell by 10.8% to $507.5 million, while imports rose by 6% to $697.6 million. As a result, the foreign trade deficit in fabricated metal products stood at about $190 million.
By comparison, at the end of 2025, export revenue from ferrous metals rose by 7.85% to $3.339 billion, and their share of total merchandise exports reached 8.25%. In 2024, exports of ferrous metals increased by another 16.9%—to $3.096 billion.
Thus, after two years of growth in the metallurgical sector’s export revenues, the trend reversed in 2026: revenues are declining, while imports of ferrous metals and metal products continue to rise.
In January–May 2026, Ukraine’s metallurgical enterprises saw a 6.2% decline in revenue from ferrous metal exports compared to the same period last year—down to $1.184435 billion from $1.262746 billion.
According to statistics released by the State Customs Service, ferrous metals accounted for 6.73% of total export revenue during this period, compared to 7.45% in January–May 2025.
In May 2026, revenues from ferrous metal exports amounted to $291.757 million, compared to $259.544 million in April.
As reported, Ukraine’s metallurgical enterprises increased revenue from ferrous metal exports by 7.85% in 2025 compared to the previous year—to $3.339487 billion. Ferrous metals accounted for 8.25% of total export revenue for the year.
In January-February of this year, Ukrainian metallurgical companies reduced their revenues from ferrous metal exports by 1% compared to the same period last year, from $419.199 million to $415.095 million.
According to statistics released by the State Customs Service (SCS) on Tuesday, ferrous metals accounted for 6.42% of total export revenues during this period, compared to 6.67% in January-February 2025.
In February 2026, export revenues amounted to $210.235 million, compared to $205.081 million in the previous month.
At the same time, Ukraine increased imports of similar products by 6.6% in January-February 2026, to $243.314 million. In February, products worth $120.588 million were imported.
In addition, in January-February of this year, Ukraine reduced exports of metal products by 25.8% to $107.372 million. In February, exports amounted to $58.786 million.
Imports of metal products during this period increased by 13.5% to $156.610 million. In February, $79.882 million worth of these products were imported.
As reported, in 2025, Ukrainian metal companies increased their revenues from ferrous metal exports by 7.85% compared to the previous year, to $3 billion 339.487 million. Ferrous metals accounted for 8.25% of total export revenues for the year, compared to 7.42% in 2024. At the same time, Ukraine increased imports of similar products by 12.9% in 2025, to $1 billion 669.544 million. In addition, Ukraine reduced exports of metal products by 3% last year, to $916.151 million. Imports of metal products increased by 24.4% over the year, to $1 billion 290.608 million.
In 2024, metal companies increased their revenues from ferrous metal exports by 16.9% compared to 2023, to $3 billion 96.343 million. At the same time, Ukraine increased imports of similar products by 13.1%, to $1 billion 478.814 million.
In January-November of this year, Ukraine’s metallurgical enterprises increased their revenues from ferrous metal exports by 3.72% compared to the same period last year, to $2 billion 979.392 million.
According to statistics released by the State Customs Service (SCS) on Friday, ferrous metals accounted for 8.08% of total export revenues during this period, compared to 7.48% in January-October 2024.
In November, export revenues amounted to $274.028 million, compared to $312.781 million in the previous month.
At the same time, Ukraine increased imports of similar products by 12.6% to $1 billion 542.449 million in January-November 2025. In November, products worth $107.877 million were imported.
In addition, in January-November 2025, Ukraine reduced exports of metal products by 1.96% to $853.934 million. In November, exports amounted to $79.789 million.
Imports of metal products during this period increased by 21.4% to $1 billion 166.113 million. In November, $119.551 million worth of these products were imported.
As reported, in 2024, Ukrainian metal companies increased their revenues from ferrous metal exports by 16.9% compared to the previous year, to $3 billion 96.343 million. At the same time, Ukraine increased imports of similar products by 13.1% over the past year, to $1 billion 478.814 million.
In 2023, Ukraine reduced its revenues from ferrous metal exports by 41.6% compared to 2022, to $2 billion 647.72 million. Ferrous metals accounted for 7.3% of total revenues from goods exports during this period, while in 2022, the share was 10.3%. At the same time, Ukraine increased imports of similar products by 37% in 2023, to $1 billion 307.05 million.
In addition, in 2023, Ukraine reduced exports of metal products by 16.6% compared to 2022, to $877.92 million. At the same time, imports of metal products increased by 40.3%, to $902.57 million.
In January-October of this year, Ukrainian metallurgical companies increased their revenues from ferrous metal exports by 1.5% compared to the same period last year, to $2 billion 705.363 million.
According to statistics released by the State Customs Service (SCS) on Wednesday, ferrous metals accounted for 8.12% of total export revenues during this period, compared to 7.68% in January-October 2024.
In October, export revenues amounted to $312.781 million, compared to $308.547 million in the previous month.
At the same time, Ukraine increased imports of similar products by 14.5% in January-October 2025, to $1 billion 433.839 million. In October, products worth $136.266 million were imported.
In addition, in January-October 2025, Ukraine reduced exports of metal products by 3.1% to $774.144 million. In October, exports amounted to $81.836 million.
Imports of metal products during this period increased by 16.4% to $1 billion 46.223 million. In October, $145.558 million worth of these products were imported.
As reported, in 2024, Ukrainian metal companies increased their revenues from ferrous metal exports by 16.9% compared to the previous year, to $3 billion 96.343 million. At the same time, Ukraine increased imports of similar products by 13.1% over the past year, to $1 billion 478.814 million.
In 2023, Ukraine reduced its revenues from ferrous metal exports by 41.6% compared to 2022, to $2 billion 647.72 million. Ferrous metals accounted for 7.3% of total revenues from goods exports during this period, while in 2022, the share was 10.3%. At the same time, Ukraine increased imports of similar products by 37% in 2023, to $1 billion 307.05 million.
In addition, in 2023, Ukraine reduced exports of metal products by 16.6% compared to 2022, to $877.92 million. At the same time, imports of metal products increased by 40.3%, to $902.57 million.
