Ukrainian IT exports grew by 9.5% in May

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Ukrainian IT exports grew by 9.5% in May

May was more successful for the export of IT services than the previous month. The figure grew by 9.5% to $590 million, according to the National Bank of Ukraine.

This brought $51 million more to the Ukrainian economy compared to the previous month. At the same time, these figures are 1.8% or $11 million less compared to May last year.

If we look at the total export of IT services for 5 months of this year – $2.8 billion – we still see a decline. The total export revenue of IT services in January-May is 12% less than in the same period in 2022. The difference between the periods in dollar terms is $374 million.

Stepan Veselovsky, CEO of Lviv IT Cluster, emphasizes that revenue growth in May is a trend that the entire industry would like to see in the future. After all, the general trend shows that over the last five months of this year, compared to the previous year, 2022, the volumes are still lower.

In May of this year, the share of IT in the structure of all exports of services amounted to 41%. In the same period last year, it was 47.5%. This once again reminds us that IT, as one of the backbone industries of the economy, needs support today, Veselovsky believes:

“Given the current trend, we have every chance to finish 2023 with the same revenue figure as in 2022 – $7.3 billion.”

Thus, the IT sector will not show growth. Therefore, according to the expert, it is necessary to streamline the mechanism of short-term business trips abroad for men who hold key positions in the company. This will expand opportunities for attracting new customers and signing new contracts.

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