United States and Ukraine
The war and Ukraine's security give the relationship an importance beyond trade. Economic cooperation gained its own instrument with the 2025 reconstruction fund. Project financing, aid and security negotiations are distinct channels, with commitments and results that must be examined separately.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07Security, reconstruction and sovereignty
The Treasury communication introducing the fund links its creation to a sovereign Ukraine and prospects for long-term peace and prosperity.
The April 2025 investment fund
The United States and Ukraine signed the agreement to establish the Reconstruction Investment Fund on 30 April 2025.
From the agreement to the first transaction
The announcement of the first investment marks a stage following the 2025 signing.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 3,824.2 M USD | 2025 · Census |
| Goods: United States to Ukraine | 2,379.5 M USD | 2025 · Census |
| Goods: Ukraine to United States | 1,444.7 M USD | 2025 · Census |
| Services trade | 9,400 M USDUSTR est. | 2025 · USTR |
| Export share: United States to Ukraine | 0.11 % | 2025 · Census |
| Export share: Ukraine to United States | ||
| Investment stock: United States in Ukraine | 1,501 M USDBEA est. | 2025 · BEA |
| Investment stock: Ukraine in United States | 22 M USDBEA est. | 2025 · BEA |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · U.S. Census Bureau · Goods, January–December 2025, United States reporter. Not services or affiliate production.
- Goods: United States to Ukraine
- 2025 · U.S. Census Bureau · Goods, January–December 2025, United States reporter. Not services or affiliate production.
- Goods: Ukraine to United States
- 2025 · U.S. Census Bureau · Goods, January–December 2025, United States reporter. Not services or affiliate production.
- Services trade
- 2025 · USTR · USTR estimate of services trade; not goods. Published total, not recalculated from rounded components.
- Export share: United States to Ukraine
- 2025 · U.S. Census Bureau · U.S. Census Bureau (other direction) · US goods exports to the partner / US goods exports to the world; same year and reporter.
- Investment stock: United States in Ukraine
- 2025 · BEA · Direct investment position at historical cost; immediate counterparty. Not portfolio investment or announced commitments. Published negative values are retained.
- Investment stock: Ukraine in United States
- 2025 · BEA · Direct investment position at historical cost; immediate counterparty. Not portfolio investment or announced commitments. Published negative values are retained.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | United States | Ukraine |
|---|---|---|
| Nominal GDP | 30.77 trillion USD2025 · WB | 212.93 billion USDIMF est.2025 · IMF |
| GDP per capita | 90,026.52 USD2025 · WB | 6,499.26 USDIMF est.2025 · IMF |
| GDP growth | 2.16 %2025 · WB | 1.82 %2025 · WB |
| Policy interest rate | 3.75–4 %2026-09-16 · Fed | 16 %2026-09-17 · NBU / BIS |
| Inflation · annual average | 2.7 %IMF est.Annual average · 2025 · IMF | 12.73 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 3.4 %Year-on-year · Aug. 2026 · BLS | 8.1 %Year-on-year · Aug. 2026 · Statistics UA |
| Unemployment | 4.2 %ILO est.2025 · WB | 11.6 %IMF est.2025 · IMF |
| Budget balance (% of GDP) | -6.8 %IMF est.2025 · IMF | -23.3 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 123.9 %IMF est.2025 · IMF | 108.7 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -3.63 %2025 · WB | -15 %IMF est.2025 · IMF |
| Population | 341,784,8572025 · WB | 32,762,000IMF est.2025 · IMF |
| Area | 9,831,510 km²2023 · BM / FAO | 603,550 km²2023 · BM / FAO |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
For Ukraine, GDP, population and GDP per capita are estimates from the same IMF (WEO) dataset for 2025. The per-capita figure published by the IMF is used, not a separate calculation. The previous World Bank series did not reconcile and are not mixed with this dataset. Reviewed: 2026-10-07. IMF data terms of use0
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDUnited States: 2025 · World BankUkraine: 2025 · Nominal GDP in current USD · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.
- GDP per capita
- Current USD per personUnited States: 2025 · World BankUkraine: 2025 · Nominal GDP per capita in current USD · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.
- GDP growth
- Annual real change (%)United States: 2025 · World BankUkraine: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)United States: 2026-09-16 · Federal funds target range · Federal ReserveUkraine: 2026-09-17 · National Bank of Ukraine policy rate · National Bank of Ukraine · speech published by the BIS · Published: 2026-09-21 · Decision announcement date; the BIS reproduces the governor's speech. · Alternative official source; verified 2026-10-06
- Inflation · annual average
- Average annual change in headline CPI (%)United States: 2025 · Average annual change in headline CPI (%) · IMF — World Economic Outlook · IMF est. · WEO estimate; not the year-on-year change for December or August 2026. · Alternative official source; verified 2026-10-07Ukraine: 2025 · Annual average change in CPI (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedUnited States: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · U.S. Bureau of Labor Statistics · Published: 2026-09-11 · Headline year-on-year CPI-U, not seasonally adjusted; not monthly or core inflation.Ukraine: 2026-08 · Change in headline CPI from the same month of the previous year (%) · State Statistics Service of Ukraine · Published: 2026-09-09 · National headline year-on-year CPI, not monthly inflation or an annual average.
- Unemployment
- % of the labour force; definition used by the stated institutionUnited States: 2025 · World Bank · ILO est.Ukraine: 2025 · Annual unemployment estimated by IMF WEO, not a contemporaneous labour survey or ILO modelled estimate. · IMF — World Economic Outlook · IMF est. · IMF estimate for 2025; the war limits the collection of labour observations. Not equivalent to observed unemployment in 2026.
- Budget balance
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Ukraine: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Ukraine: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPUnited States: 2025 · World BankUkraine: 2025 · Current-account balance as % of GDP, IMF WEO. · IMF — World Economic Outlook · IMF est. · Annual WEO estimate for UKR, 2025; not recalculated using GDP from another source.
- Population
- PeopleUnited States: 2025 · World BankUkraine: 2025 · Population from the WEO series; do not mix with a denominator from another source · IMF — World Economic Outlook · IMF est. · IMF estimate (WEO). GDP, GDP per capita and population for this country come from the same WEO query for 2025; no separate GDP-per-capita figure has been calculated.
- Area
- Total area in km²; territorial coverage of the sourceUnited States: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAOUkraine: 2023 · Total area, including inland waters; territorial coverage as defined by the source · World Bank · FAO
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
United States to Ukraine
| Product or sector | Value / share |
|---|---|
| Land vehicles and components | 555.4 M USD2025 · Source |
| Electrical and electronic equipment | 387.1 M USD2025 · Source |
| Mineral fuels and oils | 243.4 M USD2025 · Source |
| Machinery and mechanical appliances | 180.7 M USD2025 · Source |
| Pharmaceutical products | 14.3 M USD2025 · Source |
Ukraine to United States
| Product or sector | Value / share |
|---|---|
| Electrical and electronic equipment | 136.2 M USD2025 · Source |
| Machinery and mechanical appliances | 22.3 M USD2025 · Source |
| Land vehicles and components | 4 M USD2025 · Source |
| Mineral fuels and oils | 1.6 M USD2025 · Source |
| Pharmaceutical products | 0.4 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | United States to Ukraine | Ukraine to United States |
|---|---|---|---|
| 2021 | 4,410.5 | 2,521.9 | 1,888.6 |
| 2022 | 2,932 | 1,428.2 | 1,503.8 |
| 2023 | 2,389.5 | 1,047.6 | 1,341.9 |
| 2024 | 2,876.8 | 1,698.3 | 1,178.5 |
| 2025 | 3,824.2 | 2,379.5 | 1,444.7 |
Connections between people
Reconstruction affects employment, training and communities as well as infrastructure. Travel and study figures are kept separate from aid and financing. [3]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from United States living in Ukraine | ||
| Residents from Ukraine living in United States | ||
| Study and training: United States in Ukraine | ||
| Study and training: Ukraine in United StatesStudy and OPT training in the United States | 2,346 | 2024/25 · IIE / Open Doors |
| Academic stays: United States in UkraineU.S. study-abroad stays carrying academic credit | 2 | 2023/24 · IIE / Open Doors |
| Academic stays: Ukraine in United States | ||
| Travel: United States to Ukraine | ||
| Travel: Ukraine to United StatesCountry of residence; international arrivals in the United States | 87,922arrivals | 2025 · NTTO |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
- Study and training: Ukraine in United States
- Open Doors: students by place of origin, including OPT practical training. Not visas or residents. 2024/25 · IIE / Open Doors
- Academic stays: United States in Ukraine
- Mobility for academic credit reported by US institutions. Not the total number of residents or enrolment on a particular date. 2023/24 · IIE / Open Doors
- Travel: Ukraine to United States
- Arrivals by country of residence; not nationality, unique travellers or permanent residence. NTTO series coverage. 2025 · NTTO
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Security, reconstruction and sovereignty
The Treasury communication introducing the fund links its creation to a sovereign Ukraine and prospects for long-term peace and prosperity. This is the position expressed by the US Administration in April 2025. The document establishes an economic instrument, not an automatic defence treaty. Investment project conditions and security commitments belong to different frameworks. [1]
The April 2025 investment fund
The United States and Ukraine signed the agreement to establish the Reconstruction Investment Fund on 30 April 2025. Ukraine's Ministry of Economy describes the mechanism as an economic partnership to mobilise capital and develop projects. The existence of the fund does not mean a wholesale transfer of the country's natural resources or a single disbursement equivalent to their potential value. [2]
Technology and investment have a different scale
The fund's first approved investment in 2026 targets technology with security applications, according to the Treasury. This broadens the agenda beyond extracting raw materials: business development, access to technology and reconstruction needs meet in the same instrument. This page's trade table separately measures goods actually exchanged during a year. [3]
The scale of the two economies
The United States recorded nominal GDP of 30,769.7 billion USD in 2025, compared with 212.9 in 2025 for Ukraine. The reference populations were 341.78 million (2025) and 32.76 million (2025), respectively. In the same year, US nominal GDP was 144.51 times Ukraine's. These figures contextualise market size; they do not by themselves describe well-being, individual wealth or political influence. IMF estimates or population extrapolations retain their labels in the table. No ratio is calculated when periods do not match. [8] [9] [10] [11]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
From the agreement to the first transaction
The announcement of the first investment marks a stage following the 2025 signing. Approval, disbursement and business results are not identical, but the transaction identifies a specific action. The profile retains references from both governments to distinguish official objectives and economic structure. Completion of all projects the fund may finance is not inferred from this first investment. [3]
Observed economic exchange
In 2025, recorded goods trade between the United States and Ukraine totalled 3,824.2 million USD. Shipments from the United States to Ukraine were 2,379.5 million USD; those in the reverse direction were 1,444.7 million USD. US shipments to the partner represented 0.11% of its goods exports to the world, using the same year and reporter. A single customs reporting source is used for both directions. This annual flow does not include all services activity or affiliates' local sales and is not added to accumulated investment capital. [4]
Cross-border services
USTR estimates 9,400 million USD in services trade in 2025. This is the total published by the source, not a reconstruction from rounded components. Financial and professional services and activities involving travel have different coverage from goods. Their value is not a count of travellers or all local business conducted by companies established in the partner country. [5]
Recorded direct investment capital, not announced investment
The US direct investment position in Ukraine was 1,501 million USD in 2025. Ukraine's direct investment position in the United States was 22 million USD in 2025. BEA uses historical cost and the immediate counterparty. The figure is recorded capital at the end of the period, not a purchase or promise made during the year. It may reflect affiliate structures and financing; published negative values are not replaced with zero. It does not include all portfolio investment or allow each project to be valued individually. [6] [7]
Human connections with their own figures
In 2025, the source recorded 87,922 arrivals from Ukraine in the United States, with the coverage indicated in the table. [12]
In 2024/25, the source recorded 2,346 students and OPT practical training participants from Ukraine in the United States. [13]
In 2023/24, 2 stays for academic credit from the United States to Ukraine were recorded. [13]
The counts describe different populations and periods: they are not added as a total of unique people. Open Doors includes OPT practical training; US study stays require academic credit. Arrivals by country of residence do not equate to nationality or permanent residence. The academic year retains its coverage and is not relabelled as a calendar year. [12] [13]
Milestones and consequences
Sources and data
Periods and scope of the figures
Each figure retains its period, unit, definition and source. Announcements, contracts and results are not interchangeable. Empty cells do not mean zero. Customs data for 2025 are not presented as activity observed during later crises.
- United States–Ukraine reconstruction fund
US Department of the Treasury · Institutional source · Document: 2025-04-30 · Accessed: 2026-10-07
- Economic partnership agreement
Ukraine's Ministry of Economy · Institutional source · Document: 2025-04-30 · Accessed: 2026-10-07
- First investment approved by URIF
US Department of the Treasury · Institutional source · Document: 2026 · Accessed: 2026-10-07
- TOTAL rows 2021–2025; US reporter; goods; million USD
U.S. Census Bureau · Institutional source · Accessed: 2026-10-07
- Services exports plus imports, estimate, full calendar year 2025
USTR · Institutional source · Accessed: 2026-10-07
- Position; country row; G=2025; million USD; historical cost; immediate counterparty
BEA · Institutional source · Accessed: 2026-10-07
- Position; country row; G=2025; million USD; historical cost; immediate counterparty
BEA · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- Official statistics
IMF — World Economic Outlook · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- Official statistics
IMF — World Economic Outlook · Institutional source · Accessed: 2026-10-07
- Annual; country-of-residence row; AC=2025; arrivals, not unique people
NTTO · Institutional source · Accessed: 2026-10-07
- International Student Totals: 2024/25 incl OPT; US study abroad 2023/24. Not visa issuance.
IIE / Open Doors · Institutional source · Accessed: 2026-10-07
- HS2 27; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 30; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 84; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 85; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 87; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 27; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 87; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 85; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 84; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 30; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.