China, Poland and Turkey topped the list of Ukraine’s largest trading partners based on the results of January-May 2026, according to foreign trade in goods data as of May 31, 2026.
According to calculations by the Experts Club analytical center based on the presented statistics, Ukraine’s total trade turnover with all countries of the world in the first five months of 2026 amounted to about $58.1 billion. Imports reached $40.5 billion, exports — $17.6 billion, while the negative balance of trade in goods amounted to about $22.9 billion.
The top 10 trading partners accounted for about $36.1 billion in trade turnover, or approximately 62% of Ukraine’s total trade in goods. At the same time, they accounted for about $27.1 billion in imports and $9.0 billion in exports. This shows that Ukraine’s foreign trade in 2026 remains highly concentrated around several key directions, while the overall balance is formed primarily by imports from the largest economies of Europe, Asia and the United States.
China ranked first by a wide margin. Ukraine’s trade turnover with China in January-May amounted to $11.75 billion. At the same time, imports from China reached $11.09 billion, while Ukrainian exports amounted to only $663.8 million. The negative trade balance with China amounted to $10.43 billion, making the PRC the main source of Ukraine’s trade deficit.
Poland ranks second with trade turnover of $5.85 billion. Ukraine imported $3.88 billion worth of goods from Poland and exported $1.97 billion worth of goods. The balance remained negative and amounted to $1.91 billion. Poland retains its importance as one of Ukraine’s main trade and logistics channels to the EU, especially amid the reorientation of Ukrainian trade following the start of the full-scale war.
Turkey ranked third with trade turnover of $4.21 billion. Imports from Turkey amounted to $2.66 billion, Ukraine’s exports — $1.55 billion, and the negative balance — $1.11 billion. Turkey remains an important trade destination for Ukraine in the Black Sea region, combining the role of a supplier of industrial goods and a market for Ukrainian products.
Germany and the United States also entered the top five. Trade with Germany amounted to $3.68 billion, and with the United States — $2.49 billion. In both cases, Ukraine has a significant deficit: $1.56 billion with Germany and $1.53 billion with the United States. This reflects dependence on imports of equipment, machinery, transport, pharmaceuticals, energy-related and defense-related goods.
Italy ranked sixth, but the structure of its trade differs noticeably from that of other major partners. Trade turnover amounted to $2.17 billion, while imports and exports were almost equal: $1.09 billion and $1.08 billion, respectively. The negative balance with Italy amounted to only $9.5 million, making it one of Ukraine’s most balanced major trading partners.
Hungary, the Czech Republic, the Netherlands and Slovakia ranked seventh through tenth. Trade turnover with Hungary amounted to $1.62 billion, with the Czech Republic — $1.45 billion, with the Netherlands — $1.45 billion, and with Slovakia — $1.42 billion. Among them, the Netherlands stands out: it is the only country in the top 10 with which Ukraine has a positive balance — $213.9 million. This is associated with a higher volume of Ukrainian exports compared with imports.
“The structure of the top ten shows that Ukrainian foreign trade in 2026 remains both European and Asian. The EU is the key space for trade, logistics and exports, but China remains the main supplier of imported goods. The main challenge for Ukraine is not only to increase exports, but also to reduce the asymmetry of trade with its largest partners, especially through products with higher added value,” said Maksym Urakin, founder of the Experts Club analytical center.
It is also important that seven EU countries entered the top 10: Poland, Germany, Italy, Hungary, the Czech Republic, the Netherlands and Slovakia. Their combined role confirms that the European Union remains Ukraine’s basic trade framework. However, even within the EU, the structure is heterogeneous: Poland and Germany generate a large deficit for Ukraine, Italy is almost balanced, while the Netherlands provides a positive balance.
China remains a separate problem for the trade balance. Its share of Ukrainian imports in the first five months of 2026 exceeds a quarter of total imports of goods, while Ukrainian exports to China remain limited. As a result, almost half of Ukraine’s total trade deficit is generated solely in the Chinese direction.
For Ukraine, this means that restoring the foreign trade balance will require not only growth in exports of agricultural and metallurgical products, but also the development of new export niches — mechanical engineering, processing, food products, IT-related goods and industrial cooperation with the EU.
For reference: the Experts Club analytical center used data on Ukraine’s foreign trade in goods by countries of the world as of May 31, 2026. All indicators in the source table are given in thousands of US dollars.
EXPERTS CLUB, FOREIGN TRADE, TRADE BALANCE, TRADING PARTNERS, МАКСИМ УРАКІН
The volume of foreign trade in dairy products in the first half of January 2026 amounted to $13.6 million, which is 59% less than in the first half of December 2025, according to the Ukrainian Dairy Industry Association (UDIA).
The industry association noted that dairy product exports in January 2026 decreased by 51% compared to December and by 43% compared to November 2025. At the same time, imports were 65.5% lower than in December and 49.5% lower than in November 2025. The trade balance for dairy products for the reporting period was negative $1.2 million.
According to industry analysts, there was a 56% decline in exports of milk and condensed cream, a 65% decline in exports of butter and milk fats, and a 46% decline in exports of all types of cheese. At the same time, exports of whey increased by 12%.
In the structure of imports in January of this year, there was a decrease in fermented milk products by 19% and all types of cheese by 65%. Imports of whey increased by 134%, the SMPU summarized.
Ukraine’s positive foreign trade balance in services in January-September 2025 decreased by 47.3% compared to the same period in 2024, to $856.8 million (in January-September 2024, it was $1,652.8 million), the State Statistics Service reported on Friday.
According to its data, exports of services for the nine months of 2025 decreased by 15.7% to $6,338.7 million, while imports decreased by 7% to $5,481.9 million.
The export-to-import coverage ratio was 1.16 (1.28 for the first nine months of 2024).
Foreign trade operations were conducted with partners from 211 countries around the world.
The structure of foreign trade in services for the first nine months of 2025 can be found at:
Ukraine’s negative foreign trade balance in goods in January-September 2025 increased by 50% compared to the same period in 2024, to $30.619 billion from $20.403 billion, the State Statistics Service (SSS) reported on Friday.
According to its data, exports of goods from Ukraine during the specified period decreased by 4.1% compared to January-September last year, to $29.572 billion, while imports increased by 17.5%, to $60.191 billion.
The statistics agency specified that in September 2025, compared to August 2025, seasonally adjusted export volumes decreased by 1.0%, and imports by 4.2%.
The seasonally adjusted foreign trade balance in September 2025 was negative and amounted to $3.612 billion, while in the previous month it was also negative at $3.874 billion.
The export-to-import coverage ratio was 0.49 (0.60 for the first nine months of 2024).
Foreign trade operations were conducted with partners from 222 countries around the world.
In terms of total trade volume, Ukraine cooperates most closely with China, Poland, and Germany. These countries form the basis of the state’s foreign economic relations, exerting a critical influence on imports and exports.
China remains the leader with a total trade volume of $8.99 billion. Poland ranks second with $6.04 billion, while Germany and Turkey are almost equal with $4.28 billion and $4.25 billion, respectively. The United States ranks fifth with $2.86 billion.
The top 10 also includes Italy ($2.38 billion), the Czech Republic ($1.64 billion), Bulgaria ($1.54 billion), Hungary ($1.53 billion), and Romania ($1.50 billion).
“The top ten partners form the basis of Ukraine’s foreign trade balance. China and the EU countries account for the largest volumes of trade, but it is important to take into account the significant negative balance in relations with these countries,” said Maksim Urakin, founder of Experts Club and economist.
He added that although the large volume of trade indicates Ukraine’s integration into global supply chains, dependence on imports from China and Europe creates strategic risks.
“Poland and Germany are key hubs for Ukrainian exports, but at the same time they are significant sources of imports. Therefore, it is critically important to balance trade flows, preserving positive sectors such as agriculture and metallurgy, and reducing dependence on critical imports,” Urakin noted.
BULGARIA, CHINA, CZECH REPUBLIC, ECONOMY, EXPERTS CLUB, FOREIGN TRADE, GERMANY, HUNGARY, ITALY, POLAND, ROMANIA, TURKEY, UKRAINE, USA, МАКСИМ УРАКИН
Ukraine maintains a significant positive trade balance with a number of key partners, which partially offsets the deficit in relations with China and EU countries.
The largest surplus in the first half of 2025 was recorded in trade with Egypt — $605.0 million. Spain ranks second with a balance of $515.3 million, followed by the Republic of Moldova — $448.4 million. Positive dynamics are also observed in relations with the Netherlands ($357.6 million), Algeria ($276.6 million), and Lebanon ($243.8 million).
Ukraine also has a high trade surplus with Iraq ($189.0 million), Libya ($133.6 million), Saudi Arabia ($128.4 million), and Kazakhstan ($113.6 million).
“The positive trade balance indicates that Ukraine is capable of competing effectively in international markets, especially in the agricultural sector and metallurgy. At the same time, it should be borne in mind that these markets are vulnerable to changes in the global economic situation, price fluctuations, and political factors,” emphasized Maksim Urakin, founder of Experts Club and economist.
According to him, maintaining a positive balance in relations with the countries of the Middle East and North Africa is a key element of Ukraine’s foreign trade strategy.
“Egypt, Spain, and the countries of the Arab world are stable importers of Ukrainian agricultural products. This is a strategic direction that needs to be developed further, as it creates a safety cushion for the economy against the backdrop of significant import costs,” Urakyn emphasized.
Analysts note that consolidating positions in the African and Middle Eastern markets could become a long-term factor in strengthening Ukraine’s foreign economic balance.
Agricultural exports, ALGERIA, ECONOMY, EGYPT, EXPERTS CLUB, FOREIGN TRADE, IRAQ, KAZAKHSTAN, LEBANON, LIBYA, MOLDOVA, NETHERLANDS, positive balance, SAUDI ARABIA, SPAIN, UKRAINE, МАКСИМ УРАКИН
