The IT industry provided $2 billion in export earnings during the war

The IT industry provided $2 billion in export earnings during the war

According to the National Bank of Ukraine, the export-oriented IT industry provided a record $ 2 billion revenue for the first quarter of 2022, despite martial law, mobilization, forced relocation of businesses and teams. A similar figure in 2021 was $ 1.44 billion. In fact, the volume of IT exports increased by 28%.

The rapid growth of the industry continued until the war and in February 2022 reached the highest monthly indicator of export in the history of the Ukrainian IT market - $839 million, which is 43% more than in the same period of 2021 ($480 million).

Under military realities, the industry has succeeded to consolidate and quickly adapt to the new circumstances due to existing anti-crisis business plans. Most companies have retained customers and the volume of their contracts. As a result, the industry remains financially stable, provides regular foreign exchange earnings to the economy of Ukraine and the state budget, and pays taxes in advance.

The figures eloquently illustrate this. In March 2022, the Ukrainian IT industry kept 96% of computer services exports ($ 522 million) compared to the same period of the last year ($ 546 million).

The war-related reduce of foreign exchange earnings in March by only 38% compared to the record growth of February, as well as the decline in other export industries by 50-60%, shows, in fact, a margin of Ukrainian  IT sector stability.

Today, the IT industry is one of the few that provides economic support for the state and the future recovery of the national economy based on digitalization and the competitive advantages that crystallized in wartime and arouse open admiration of customers and partners: resilience and effective crisis management, leadership and social responsibility, team cohesion and high efficiency. According to our new data, 77% of IT companies attracted new customers already during the war, 56% of them expect to grow by 5-30% this year,

said Konstantin Vasyuk, Executive Director of the IT Ukraine Association.

IT Ukraine will soon present the results of a new study “Ukrainian IT Industry: Reboot in Wartime” conducted in partnership with Ukrainian IT clusters.

IT Ukraine is the largest community of IT companies, uniting more than 110 companies and 77,000 Ukrainian IT specialists. The association consolidates the interests of business, government and international partners for the development of the IT industry in Ukraine. Together with participating companies, IT clusters and partners, it protects the interests of business and promotes the brand of Ukraine as a leading high-tech nation.