structural:scholar_edition
Economy

Odesa's economy largely stems from its traditional role as a port city. The nearly ice-free port lies near the mouths of the Dnieper, the Southern Bug, the Dniester and the Danube rivers, which provide good links to the hinterland. During the Soviet period (until 1991) the city functioned as the USSR's largest trading port; it continues in a similar role as independent Ukraine's busiest international port. The port complex contains an oil and gas transfer and storage facility, a cargo-handling area and a large passenger port. In 2007 the Port of Odesa handled 31,368,000 tonnes of cargo.

The port of Odesa is one of the Ukrainian Navy 's most important bases on the Black Sea. Rail transport is an important sector of the economy in Odesa – largely due to the role it plays in delivering goods and imports to and from the city's port. The Container Terminal Odesa (CTO) in the port is the largest container terminal in Ukraine. It has been operated by the Hamburg-based HHLA Group since 2001 and, in addition to containers, also handles bulk goods, general cargo and project cargo. This means that Odesa is networked with the ports of Hamburg, Muuga and Trieste via the logistics group HHLA.

Industrial enterprises located in and around the city include those dedicated to fuel refinement, machine building, metallurgy, and other types of light industry such as food preparation, timber plants and chemical industry. Agriculture is a relatively important sector in the territories surrounding the city. The Seventh-Kilometer Market is a major commercial complex on the outskirts of the city where private traders now operate one of the largest market complexes in Eastern Europe. The market has roughly 6,000 traders and an estimated 150,000 customers per day.

Daily sales, according to the Ukrainian periodical Dzerkalo Tyzhnia, were believed to be as high as US$20 million in 2004. With a staff of 1,200 (mostly guards and janitors), the market is also the region's largest employer. It is owned by local land and agriculture tycoon Viktor A. Dobrianskyi and three partners of his. Tavria-V is the most popular retail chain in Odesa. Key areas of business include: retail, wholesale, catering, production, construction and development, private label. Consumer recognition is mainly attributed to the high level of service and the quality of services. Tavria-V is the biggest private company and the biggest tax payer.

Deribasivska Street is one of the city's most important commercial streets, hosting many of the city's boutiques and higher-end shops. In addition to this there are a number of large commercial shopping centres in the city. The 19th-century shopping gallery Passage was, for a long time, the city's most upscale shopping district, and remains to this day an important landmark of Odesa.

The tourism sector is of great importance to Odesa, which is currently the second most-visited Ukrainian city. In 2003 this sector recorded a total revenue of ₴ 189.2 million. Other sectors of the city's economy include the banking sector: the city hosts a branch of the National Bank of Ukraine. Imexbank, one of Ukraine's largest commercial banks, was based in the city, however on 27 May 2015, the Deposit Guarantee Fund of Ukraine made a decision to liquidate the bank.

Foreign business ventures have thrived in the area, as since 1 January 2000, much of the city and its surrounding area has been declared a free economic zone – this has aided the foundation of foreign companies' and corporations' Ukrainian divisions and allowed them to more easily invest in the Ukrainian manufacturing and service sectors. To date a number of Japanese and Chinese companies, as well as a host of European enterprises, have invested in the development of the free economic zone, to this end private investors in the city have invested a great deal of money into the provision of quality office real estate and modern manufacturing facilities such as warehouses and plant complexes.

Odesa also has a well-developed IT industry with large number of IT outsourcing companies and IT product startups. Among most famous startups is Looksery and AI Factory both developed in Odesa and acquired by Snap inc.