In 2022, the volume of bilateral trade in goods and services between Ukraine and Canada totalled at $367.2 million, decrease 34.9%.

Exports amounted to $194.2 million, decrease 30.9%, while imports decreased by 38.8% to $172.9 million. Trade balance in goods and services was positive for Ukraine and amounted to $21.3 million.

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

The structure of Ukrainian exports to Canada was dominated by supplies of ferrous metals (34.7%); fats and oils (14.3%); vehicles (7.9%); and copper (6.2%).

The overall structure of imports from Canada to Ukraine was dominated by deliveries of: fish and crustaceans (19.3%); vehicles (15.8%); equipment (11%); pharmaceutical products (7.9%); and aircraft (6.9%).

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

During January - September 2023, the trade turnover between Ukraine and Canada amounted to 268.1 million USD (increased by 33% compared to the same period in 2022).

Export of goods from Ukraine to Canada amounted to 58.3 million USD (decreased by 34.1% compared to the same period in 2022), and import from Canada amounted to 209.8 million USD (increased by 87.5% compared to the same period in 2022). The negative trade balance for Ukraine is USD 151.5 million.

As of 31.12.2022, Canada has invested $61.8 million USD in Ukraine's economy.

There is the Free Trade Agreement between Ukraine and Canada which entered into force on August 1, 2017.

On September 22, 2023, during the visit of President of Ukraine Volodymyr Zelenskyy to Canada, an updated Free Trade Agreement between Ukraine and Canada was signed. The document requires further ratification.

The updated Agreement will preserve the terms of access to markets for goods as provided for in the 2017 Ukraine-Canada Free Trade Agreement, and will be supplemented with new and updated chapters, in particular on investments, cross-border trade in services, temporary entry for businessmen, financial services, digital trade, regulations cumulation of the origin of goods with joint partners on FTA, trade and gender, and the chapter on trade and indigenous peoples.

The Canadian-Ukrainian Chamber of Commerce also contributes to the development of bilateral trade relations.