Despite the war, Ukrainian IT industry earns $2B on exports for 1Q 2022

The export-oriented IT industry has provided $2 billion in revenue for the first quarter of 2022, despite the war, mobilization, and forced relocation of businesses and teams, as reported by IT Ukraine Association.

  • A similar figure in 2021 was 1.44 billion dollars. So, the volume of IT exports increased by 28%.
  • The monthly index of exports in the IT market reached a record high of $839 million, which is 43% more than in the same period in 2021 ($480 million).
  • Most of the companies retained their customers and the volume of their contracts. Due to this, the industry remains financially stable, provides regular foreign exchange earnings to the Ukrainian economy and the state budget, and pays taxes in advance.
  • In March 2022, the Ukrainian IT industry retained 96% of the volume of exports — $522 million, compared to the same period last year — $546.

“Today, the IT industry is one of the few that provides economic support for the state. According to our new data, 77% of IT companies attracted new customers already during the war, 56% of them expect to grow by 5-30% this year,” said Konstantin Vasyuk, Executive Director of the IT Ukraine Association.