The article deals with the current state and trends of development of foreign economic relations of Ukraine and the European Union. It is determined that foreign economic relations are a system of multi-faceted forms of international cooperation of states and their subjects in the branches of the economy, which is carried out on the basis of international division and integration of labor. It is specially noted that Ukraine has sharply changed the vector of its economic activity during 2014-2017, and the European Union is a key trading partner now. The dynamics of volumes of export and import of goods and services is analyzed. Trends in recent years show a decrease in volumes of commodity exchange. It should be noted that since 2005, the volume of imports exceeds exports. The largest trading partners of Ukraine are: export of goods – Italy, Poland, Germany; import of goods – Germany, Poland. The main European partners of Ukraine in the exchange of services are the United Kingdom, Germany, Poland and Cyprus. The basic positions of export of goods are – products of the agro-industrial complex and the food industry, precious metals and products from them; and import of goods – mineral fuel, and products of the chemical industry. The largest volumes of services exports to the EU countries relate to transport services and materials-processing services. Ukraine imports transport services, business services, services related to sales and financial activities, royalties, professional and consulting services, government and government services. Special attention is given to regional distribution of export and import of goods and services of Ukraine and the European Union. The largest volumes of commodity exchange are observed in the Donetsk, Dnipropetrovsk, Lviv and Zakarpattia regions and in Kiev; a significant dominance of exports over imports is observed in the Dnipropetrovsk, Zaporizhia, Donetsk, and Zakarpattia regions; the region’s largest importers of goods: Kiev, Lviv, Kharkiv regions. The largest volumes of trade in services are observed in the Lviv, Zakarpattia, Kyiv, Odesa and Dnipropetrovsk regions. In the central and northwestern regions of Ukraine, the volume of service exchange is relatively insignificant. Exports far exceeds imports in Lviv, Zakarpattia, Odessa regions. Significant dominance of imports over exports is available in Dnipropetrovsk, Poltava, Donetsk regions. It should be emphasized that more than 2/3 of foreign investments into the Ukrainian economy come from the European Union. The main investors in the Ukrainian economy among the member states of the European Union in 2016 were Cyprus, the Netherlands and the United Kingdom. A large share of direct foreign investment was concentrated in industrial enterprises, financial and insurance institutions. Most of the Ukrainian investments were directed to the economies of Cyprus, Latvia and Poland. Special attention is paid to the regional analysis of the distribution of foreign direct investment per person. Most foreign investments from the EU come to Dnipropetrovsk region. Well-invested regions of Ukraine are Donetsk, Kyiv, Kharkiv, Lviv and Odessa regions. The article contains the data on perspective directions of bilateral foreign economic relations of Ukraine and the EU. It is established that the European choice for Ukraine opens numerous prospects of cooperation with the developed countries of the world, promotes economic development, and strengthens the position of the country on the international arena.

Key words: foreign economic relations, export, import, trade in goods and services, foreign trade turnover, foreign direct investment.


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