Trade and economic cooperation
22 January 2024 15:27

Trade and economic cooperation between Ukraine and Norway is regulated by the following documents: the Free Trade Agreement between Ukraine and the EFTA States and the Agreement on Agriculture between Ukraine and Norway (both agreements were signed on 24 June 2010 and entered into force on 1 June 2012). During the last years, Ukrainian-Norwegian trade and investment cooperation has shown a relatively positive dynamic.

The total trade turnover between Ukraine and Norway in 2023 amounted to 518 million USD.

Exports of goods from Ukraine to Norway amounted to 103 million USD (% to 2022: +65%). During the same period, imports of goods to Ukraine from Norway amounted to 415 million USD (% to 2022: +82%).

Top export commodities (Ukraine to Norway): fats and oils of animal or vegetable origin - 39,4%  (in 2022 - 4,3%); Industrial goods - 29% (49,7%); food and live animals - 11,5% (5,2%); machinery and transport equipment - 10% (27%).

Top import commodities (Norway to Ukraine): food and live animals - 54% (in 2022 - 59%); miscellaneous industrial products - 20,9 % (32,7%); machinery and transport equipment - 22,5 % (6,1%).

In 2023, the negative trade balance for Ukraine (goods) with Norway amounted to 312 million USD

In 2022 and 2023, statistical information on trade in services and direct investment from Norway in the economy of Ukraine is not available, given that during the martial law, the State Statistics Service of Ukraine suspended the publication of such statistical information.

Trade in Services in 2021 amounted to about 58 million USD. Exports of services from Ukraine to Norway - 45 million USD (compared to 2020 - 117%) and imports of services - 13 million USD (compared to 2020 - 31%).

Its main export items were telecommunication, computer and information services - 66% (% to 2020: 107%); transportation services - 23% (% to 2020: 184%); business services - 10% (% to 2020: 96%).

Its main import items were business services - 49% (% to 2020: 61%); telecommunication, computer and information services - 28% (% to 2020: 100%); public and government services - 5% (% to 2020: 2.5%).

In 2021 Ukraine's positive balance in trade in services with Norway amounted to 31 million USD.

The real volumes of exports of goods and services from Ukraine to Norway are much higher than the data of the State Statistics Service of Ukraine. The situation is similar with the volume of exports of services from Ukraine to Norway. The existing differences in the statistics of Ukraine and Norway are due to the non-designation of Norway as the destination country for many Ukrainian exports and services and, instead, their inclusion as exports to EU countries, primarily Denmark, the Netherlands, Germany, Poland, and the Baltic States.

According to the National Bank of Ukraine, as of December 31, 2021, Norway invested 34.8 million USD in direct investment in Ukraine (equity instruments and debt instruments, balances by country). At the same time, equity instruments (balances by country) amounted to 26.1 million USD as of December 31, 2021, which amounted to 0.1% of total foreign direct investment in the Ukrainian economy. 

As of December 31, 2021, there were no Ukrainian investments in the Norwegian economy.


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