Exports remain strong: Ukraine’s foreign exchange earnings rose in 2025 despite the war
12 January 19:31
In 2025, Ukraine’s export revenue increased by nearly 5% compared to the previous year. This was reported by National Bank Governor Andriy Pyshnyy in a column for Ukrinform, summarizing the government’s efforts to repatriate foreign currency earnings, according to "Komersant Ukrainian".
What the figures show
According to the head of the NBU, in 2024 Ukraine was able to significantly increase export revenues—by 19.5% at once .
In 2025, the task was more challenging: to maintain the achieved level amid the war, attacks on infrastructure, and logistical disruptions. However, the country managed not only to maintain these figures but also to increase foreign exchange earnings by another 4.8%.
The NBU attributes this to the coordinated efforts of government agencies, particularly in the areas of currency control and exports.
The IT services sector remains one of the drivers of foreign exchange earnings. According to the NBU, in January–November 2025, Ukraine received $5.97 billion from IT services exports— 2.4% more than in the same period of 2024.
Growth in export revenue is a key factor for:
- currency market stability;
- supporting international reserves;
- the country’s financial stability amid a record foreign trade deficit, which the NBU had previously warned about.
The National Bank emphasizes that even moderate export growth amid a full-scale war is a sign of the economy’s adaptation and the preservation of its core export capabilities.
