The National Bank of Ukraine believes that to support the economy, it is necessary to focus on targeted measures to restrict imports, in particular, on the introduction of taxes on electric vehicles and parcels worth up to €150. As noted in the NBU report, Ukraine’s current account deficit continued to widen in 2025, which was a direct consequence of the country’s growing defense and reconstruction needs.
According to the regulator, in January-September 2025, the current account deficit reached $24.9 billion. This trend is primarily due to an increase in the goods trade deficit due to increased imports.
“However, unlike periods of relative peacetime, such growth is predominantly investment in nature, in particular related to strategic investments in security and reconstruction. In contrast, consumer imports are not growing as much (8% y/y in January-August 2025), and their share in total imports is even decreasing. Therefore, the increase in the trade deficit is not associated with either a consumer boom or low competitiveness of domestic goods, the report says.
NBU analysts emphasized that possible ways to reduce this gap may include reducing non-priority expenditures, as well as introducing taxes on non-critical import directions during the war without a significant impact on the economy:
“It is worth focusing on targeted measures to restrict imports: taxes on parcels worth up to €150 and other non-priority imports – electric cars, luxury items, etc.”.
From January to August 2025, 61.7 thousand passenger electric vehicles (BEV) were imported into Ukraine – 52% more than in the same period in 2024. This indicates a growing demand for electric vehicles among Ukrainians. The total customs value of imported cars amounted to almost $1.27 billion. The main supplier of new electric vehicles is China – it accounts for 92% of deliveries, and Japan is in second place (3%).
