The National Bank of Ukraine reported that the volume of IT services exports from Ukraine increased by 2.5% compared to the previous month, and exceeded October 2023 figures by $3 million. However, in annual terms, IT exports are expected to decline for the second consecutive year.
According to the data from the NBU, the volume of IT exports from Ukraine in October amounted to $532 million. This is $13 million (or 2.5%) more than in September. Last October, the figure for Ukrainian IT exports was lower—$529 million.
Earlier, the NBU reported that in September, the volume of IT exports from the country amounted to $519 million, which is $12 million more than in August.
Recently, the Lviv IT Cluster published a comprehensive study of the Ukrainian tech industry during the war, IT Research Ukraine 2024. Among other things, the forecast for a decline in IT services exports in 2024 worsened, which had previously been estimated at a range of 3% to 5% compared to last year.
Now, even under the optimistic scenario for the end of 2024, a reduction in volumes is projected to be at least 4% compared to 2023. Under the pessimistic scenario, this figure may reach 6%.
