Ukraine's IT exports amounted to $566 million in August, down 9% from last year

Ukraine's IT exports amounted to $566 million in August, down 9% from last year

The United States and Malta provide Ukraine with the largest foreign exchange earnings in this industry

Ukraine's IT exports amounted to $566 million in August, down 9% from last year

In August of this year, the volume of IT exports is 8.9% or $55 million less than in August 2022. At the same time, these figures are 1.3%, or $7 million, higher than in July 2023 and amount to $566 million.

Source. These data are provided by the NBU, cited by dev.ua.

According to the Lviv IT Cluster, for 8 months of this year (January-August), the total export revenue of IT services amounted to $4.5 billion. This is 8.2% less than in the same period in 2022, which is $403 million in dollar terms.

The share of computer services in the overall structure of exports of all services in Ukraine in August amounted to 40.5%. This is 8% less than last year, when it was 48.6%.

In August, Ukraine's total exports of all services increased by 1.1% to almost $1.4 billion, which is $15 million more than in July.

Among the revenues from abroad, the United States provides the largest foreign exchange earnings for computer services to Ukraine. Over the first 8 months, it amounted to $1.8 billion, which is 39.3% of all IT exports. In August alone, the United States provided $217.9 million in revenues.

Malta is in second place with 8.9% and $399 million, followed by the United Kingdom, which is in third place. The United Kingdom brought in $374.7 million in revenues to Ukraine, which is 8.3%.

The top five also includes Cyprus and Israel, which account for 5% ($225.2 million) and 4.4% ($197.5 million) of IT services exports, respectively. In August, Cyprus provided $30.3 million, and Israel – $24.4 million.

Background. Read more about why Ukrainian creative products are in demand in the world in Mind's article "Export of creative industries is the key to the development of the Ukrainian economy".

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