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Moreover, the imports may slump by US$9 billion-US15 billion.
President of the Kyiv School of Economics, former Ukrainian Minister for Development of Economy, Trade and Agriculture, Tymofiy Mylovanov, has said the spread of coronavirus and its negative impact on the global economy may lead to a decline in Ukraine's exports by US$7.5 billion-US$12.5 billion a year.
"According to the school's estimates, a drop in demand and industrial production over coronavirus restrictions may cut Ukrainian exports by US$7.5 billion-US$12.5 billion, while imports may slump by US$9 billion-US15 billion," he told UNIAN on April 13.
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Mylovanov says the change in Ukrainian exports will depend on goods Ukraine trades and on how much the economy of a trading partner's country has suffered from the pandemic.
"If we trade in foodstuff, most likely the effect will be insignificant since the mortality from coronavirus is not so great. But if we trade in industrial goods, there will probably be a more significant decrease in exports. For example, we trade primarily agricultural goods with China, the demand for which is formed by the population. So, we expect that exports will not suffer much. However, we trade in ore, slag, and ferrous metals with Poland, which creates the basis for discouraging prospects," he added.
As UNIAN reported earlier, Ukraine's goods exports in January-March 2020 shrank by 0.1% year-over-year, while imports fell by 3.3%.