Russia's armed aggression against Ukraine had a decisive impact on bilateral trade and economic relations. According to the State Statistics Service of Ukraine in 2022, the volume of trade in goods and services with Canada decreased by 34.9% to 367.2 million USD. Exports decreased by 30.9% to 194.2 million USD, while imports decreased by 38.8% to 172.9 million USD. The balance of trade in goods and services was positive for Ukraine and amounted to 21.3 million USD.

In 2022, trade in goods between Ukraine and Canada decreased by 35.3% to 272.3 million USD. Exports of Ukrainian goods decreased by 34% to 105.7 million USD, while imports of Canadian goods decreased by 36.1% to 166.6 million USD. The negative balance is 60.8 million USD.

In 2022, the volume of bilateral trade in services decreased by 33.7% to 94.8 million USD. Exports amounted to 88.5 million USD and decreased by 26.8%, while imports decreased by 71.3% to 6.4 million USD. The balance was positive for Ukraine - 82.1 million USD.

Canada-Ukraine Free Trade Agreement (CUFTA) entered into force on August 1, 2017. Parties are working on expanding CUFTA’s provisions to cover services and investment.

The development of bilateral trade relations is also fostered by the Canadian-Ukrainian Chamber of Commerce.

The total volume of Canadian direct investment (equity and debt instruments, according to the National Bank of Ukraine) in the Ukrainian economy in January-September 2021 amounted to 75 million USD.