Business news from Ukraine


14 February , 2020  

The deficit of Ukraine’s balance of foreign trade in 2019 totaled $3.63 billion, which is 41.5% less than in 2018 ($6.21 billion) and this is linked to the sharp improvement of trade in services with Russia, the State Statistics Service has reported. Last year, exports of goods and services increased 11.2% to $63.68 billion, while imports – only 6%, to $67.31 billion.
The main improvement was thanks to an increase in the surplus in trade in services by 63.4% to $8.71 billion: their exports jumped by 30.9%, to $15.24 billion, while imports by only 3.5%, to $6.53 billion
At the same time, in particular, the export of Russian services grew at once by 85.3% to $6.18 billion, while their imports from Russia – only by 4.4%, to $0.29 billion. This is probably due to a payment of $2.9 billion, which Gazprom transferred to Naftogaz at the end of the year as part of the execution of the award of the Arbitration Institute of the Stockholm Chamber of Commerce in a dispute between the companies on their transit contract.
At the same time, last year in trade in goods, imports grew faster than exports. In general, over the year, deliveries to Ukraine increased 6.3%, to $60.78 billion, while supplies from Ukraine – 5.8%, to $50.06 billion. As a result, the deficit of trade in goods increased 8.8%, to $10.72 billion.
According to the State Statistics Service, last year there were negative trends in trade with the EU: export growth slowed to 3.9% from 14.3% a year earlier, while imports – to 7.5% from 12.7%, resulting in a deficit in trade with the EU, which expanded by 31.5%, to $4.56 billion.
The export of Ukrainian goods to the EU in 2019, in particular, increased 3%, to $ 20.75 billion, while the import of European goods to Ukraine grew 7.7%, to $24.99 billion.
As reported, the deficit of Ukraine’s balance of foreign trade in 2018 amounted to $5.83 billion, which is 2.3 times worse than in 2017. In 2018, exports of goods and services grew by 8.6%, imports – by 14.3%.

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