The relevance of the issue of import dependence of the Ukrainian economy is determined by geopolitical changes, processes of reformatting priorities and strategic areas of the global economy. The purpose of the study is to determine the level of import dependence of the Ukrainian economy by segments of consumption of processing industry products and substantiate the areas and mechanisms for implementing the national import substitution policy. To achieve this goal, methods of analysis, synthesis, and comparison were used. The paper provides a comparative assessment of the dependence of the economy of Ukraine and the EU countries on the import of industrial products in the context of 16 production facilities of the processing industry, classified by technological levels, in accordance with Eurostat standards. Based on the use of data from the “cost-output” matrix, the share of imports in the total consumption of processing industry products in Ukraine was determined, which in 2016 reached 52.4%, while in the EU member states the value of this indicator averaged 37.4%. The highest dependence of the national economy on imports of mechanical engineering and chemical industry products, i.e., key system-forming high-tech industries, is established. Based on the results of calculations and analytical assessments, a system of import substitution priorities in the domestic market of industrial goods in Ukraine is constructed and the basic areas for the development of import substitution industries are outlined. Structural and dynamic transformations in the intermediate and final consumption of industrial products (Ukrainian and imported), and gross accumulation of fixed capital in Ukraine, are determined. The proposed set of instruments of regulatory influence of the state (fiscal, organisational, and trade policy instruments) aimed at reducing the degree of import dependence of the national economy is of practical value.