The Volume of IT Export Increased by Almost 10% in March

According to the National Bank of Ukraine, the total export of all services in Ukraine increased by 7% in March, which is $93 million more compared to February. The volume of computer services export has also been growing for the second month in a row.

In March 2023, the IT export volume increased by 9.7%. This brought $53 million more to the Ukrainian budget compared to February. In addition, these indicators are 15% or $79 million higher compared to March 2022.

In the first three months (January-March) of 2023, the total export revenue of IT services amounted to almost $1.7 billion. This is 16% less than in the same period in 2022, which is equivalent to $324 million.

The IT industry continues to be one of the primary export-oriented industries. Computer services account for a significant portion of the export structure – 43%. However, over more than a year of full-scale war, several unresolved issues have accumulated that negatively affect the dynamics of IT export. Among them are: the tech employee reservation procedure, which only partially corresponds to the specifics of the industry, and the issue of short-term business trips abroad for men holding key positions in companies. In 2023, this effect is likely to be felt as well.

“The industry is also continuing to be affected by the global recession. However, according to our estimates, improvement will likely be expected in the second half of the year. This is indicated by the latest research by the leading global consulting company Gartner. They predict that global IT spendings will increase by 5.5% in 2023 in all regions of the world, despite global economic instability, and will amount to $4.6 trillion,” said Stepan Veselovskyi, CEO of Lviv IT Cluster.