The deficit of the consolidated balance of payments of Ukraine in February 2022 amounted to $1.5 billion, while in February 2021 the deficit was $28 million, the National Bank of Ukraine (NBU) reported on its website.
According to his data, the current account surplus in February 2022 amounted to $383 million, while in February 2021 the surplus amounted to $134 million.
The NBU also reported that exports and imports of goods in February increased by 31.1% and 30.7%, respectively.
The main factor in the growth of export volumes to $5.4 billion was the growth of food products by 40.7%, due to the growth in grain exports (by 1.8 times). There was also an increase in exports of ferrous and non-ferrous metals – by 31%, chemical industry products – by 42.4%, wood and wood products – by 14.4%, industrial products – by 1.5 times and engineering products – by 1, 5 times.
At the same time, exports of mineral products (including ores) decreased by 15.8% in February.
The volume of imports of goods for the specified period increased to $6 billion, including energy imports – 1.6 times due to the import of oil products and coal, and non-energy imports – by 24.2%. In particular, imports of industrial products increased by 1.1%, by 22.4% – engineering products, by 3% – food products, by 31.8% – ferrous and non-ferrous metals, by 27.5% – chemical industry products, and wood and wood products – by 28.8%.
In addition, according to the National Bank, the surplus in trade in services in February 2022 increased to $453 million from $298 million in February 2021.
The surplus in the balance of primary income in February 2022 amounted to $83 million (in February 2021, the deficit was $5 million). Receipts under the item “remuneration” decreased by 4%, and payments on income from investments – by 14.9%.
Net lending to the outside world (total balance of the current account and capital account) in February last year amounted to $386 million compared to $136 million in February of the previous year.
Net outflow from the financial account was $1.9 billion (February 2021 net outflow was $164 million), driven by an outflow of funds from private sector operations.
The net outflow from public sector operations amounted to $476 million (in February 2021, an outflow of $155 million). Net payments to non-residents on government bonds amounted to $240 million, on Eurobonds – $112 million, and on loans to international partners – $108 million.
The NBU estimated the net inflow of foreign direct investment at $57 million, while in February of the previous year this figure was $153 million.
As the regulator pointed out, the net reduction in the external position of the country’s banking system in operations with portfolio and other investments amounted to $210 million. It was due to a decrease in the external position in the “currency and deposits” item by $255 million.
The external position of the real sector (excluding foreign direct investment) in February 2022 increased by $1.9 billion. It was due to an increase in net external debt on trade loans by $776 million, an increase in cash outside banks by $973 million, a net increase in debt on loans and borrowings for $26 million.
As of March 1, 2022, the volume of international reserves amounted to $27.6 billion, which provides import financing for 3.8 months.
As reported, the consolidated balance of payments of Ukraine in 2021 was reduced to a surplus of $487 million, which is 4 times less than in 2020. The current account deficit of the balance of payments amounted to $2.1 billion, while in 2020 there was a surplus of this indicator in the amount of $5.3 billion.
