KYIV – Bilateral trade between Ukraine and Germany rose by 23% to $9.3 billion last year, President Petro Poroshenko confirmed yesterday in a joint briefing with the President of Germany, Frank Walter-Steinmeier.
At the the conference, both presidents praised strengthening ties between the two countries.
“This giant growth in bilateral trade took place last year,” said Poroshenko, welcoming the news.
“It's a record growth amount for any countries,” he added. “It's as a result of the implementation of the EU Association Agreement, including the full and overall free trade zone... Ukrainian and German producers now have the unhindered access to each other's markets.”
In January, Ukrainian Prime Minister Volodymyr Groysman met with representatives of leading German companies here in Ukraine. He said that trade focus has shifted towards light goods and food products and that trade relations were improving.
Although trade between Germany and Ukraine dropped by almost a third between 2014 and 2015, a period of crisis for Ukraine, it has since been recovering well.
The 2016 opening of the German-Ukrainian Chamber of Industry and Commerce here in Kyiv, agreed between Chancellor Angela Merkel and former Ukrainian Prime Minister Arseniy Yatsenyuk at a bilateral meeting in Berlin, is seen to have since been strongly boosting trade ties.
Automobile components represent nearly 26 percent of Ukraine's exports to Germany, followed by agricultural products (10.6 percent) and clothing (9 percent). Clothing exports to Germany recently overtook metallurgy products (8.6 percent).
Now, Germany explores the possibility of opening an export agency in Ukraine for agricultural products, as they become increasingly interested in Ukraine's farming potential. The agency will provide assistance to Ukrainian farmers looking to European exports.
While Germany is a major trade partner for Ukraine, and ties are getting stronger, the German economic giant has bigger fish to fry. Ranked as an import partner, Ukraine is at 43rd place. As an export market, 46th, according to the German Federal Office of Statistics.
In order, the United States, France and China remain Germany's biggest importers, while China, France and the Netherlands are their largest export markets.