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According to the National Bank of Ukraine, the indicators of IT services export volume maintained a negative trend, decreasing by 4.3% compared to 2023 and by 14% compared to 2022 — the historical maximum. Before this, the trend was positive, with an increase of 6.8% compared to 2021 and 32.4% compared to 2020.
Out of the total figure of $6.4 billion for the past year, the lowest was in August, when exports amounted to only $507 million. The most profitable month in 2024 was December — $617 million, increasing by 18.9% compared to November’s figure. However, in the IT industry, annual comparisons are relevant, as December and January show high figures solely due to contractual conditions.
The results and dynamics of 2024 confirm our forecasts — the decline is occurring much more gradually than could have been expected. There is no sharp market collapse. From 2025, the situation is expected to stabilise and the negative trend to be offset, even a recovery in growth — continuing from December. The industry will begin its recovery after at least one of its decline-causing factors disappear, be it wartime circumstances or the stability of global demand for IT services. Since the Ukrainian IT industry strengthens the country’s economy, international positions and significantly influences the armed forces’ advantage in the fight against the enemy — we are doing everything for this,
— emphasised Maria Shevchuk, Executive Director of the IT Ukraine Association.
The United States remained the main importer of Ukrainian IT services ($2.4 billion). The second and third places switched positions: the United Kingdom ($565 million, 5.4% more than in 2023) and Malta ($502 million, 12.9% less than in 2023). The positions in the TOP-10 were retained with slight changes in volume by Cyprus ($394 million), Israel ($296 million), Switzerland ($266 million), Germany ($263 million) and Poland ($168 million). Estonia increased its imports of Ukrainian IT by 4.8% (to $166 million), while the Netherlands ceded the 10th place to the UAE ($139 million). Comprehensive data for 2023 can be found in the ‘Digital Tiger: the Power of Ukrainian IT’ Research.
