The Cabinet of Ministers of Ukraine supported a decision to impose a complete embargo on imports of goods from the Russian Federation, the Ministry of Economy said on Sunday, citing First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko.
“Such a decisive step by Ukraine can serve as an example for our Western partners and will encourage them to increase sanctions against Russia. Including the energy embargo and the isolation of all Russian banks,” she is quoted as saying.
According to the Ministry of Economy, the embargo on Russian imports will block foreign exchange earnings in the Russian Federation by $6 billion annually.
As reported, President of Ukraine Volodymyr Zelensky on April 6 instructed the government to formalize the termination of trade between Ukraine and Russia.
According to the State Customs Service of Ukraine, last year the trade turnover between the countries increased by 38.7%, to $10.09 billion from $7.28 billion.
In particular, imports increased by 45.9%, to $6.65 billion from $4.56 billion, while exports – by 26.5%, to $3.44 billion from $2.71 billion.
According to the State Statistics Service, imports from the Russian Federation to Ukraine increased last year by 33.9%, to $6.08 billion, while exports to the Russian Federation increased by 26.2%, to $3.41 billion.
The main import items from the Russian Federation last year were oil and oil products – $3.43 billion (an increase of 33.5%), engineering products – $418.3 million (21.7% up), plastics and polymeric materials – $351.6 million (61.7% up), ferrous metals – $301 million (64.7% up), products of inorganic chemistry – $161.6 million (83.6% up), aluminum and aluminum products– $137.6 million (54.5% up), rubber – $126.4 million (34.8% up), glass and glass products – $115 million (65.7% up), and various chemical products – $99.1 million (85.6% up).
This list also includes nickel and nickel products – $94.1 million (83.3% up), means of land transport (except railway) – $84.5 million (56.3% up), electric machines – $81.7 million (28.4% up), ferrous metal products – $73.5 million (58.3% up), organic chemical compounds – $70.2 million (19.5% up), cardboard and paper – $59.3 million (38.2% less), and essential oils – $53.4 million (9.2% up).
In the overall structure of Ukraine’s imports, Russia accounted for 8.4%, exports – 5%.
Ukraine in March 2022 exported 5.97 million tons of goods worth $2.7 billion, which is 2.2 times less than in February in terms of quantity and half in value, while imports of goods to Ukraine in March amounted to 5 million tons $5.9 billion, which is more than three times less than in February. “Ukraine’s export volume in March amounted to 5.97 million tons worth $2.7 billion. While in February, the state exported 13.1 million tons of goods worth $5.3 billion. The main export items are ores, corn, ferroalloys and oil “, the Ministry of Economy said in a release on Sunday. The export of metals and agricultural products was particularly affected, however, the volume of exports of a number of goods with deep processing remained practically unchanged compared to the pre-war period, the Ministry of Economy added. The Ministry notes a significant reduction in metal exports. In particular, the export of flat products fell by almost 10 times – from 437 thousand tons in February to 47 thousand tons in March. “For some metallurgy positions, exports were not made at all. This is primarily due to the physical destruction of metallurgical facilities and the stoppage of production,” the ministry commented. In March, Ukraine exported 1.1 million tons of corn, 309 thousand tons of wheat, 118 thousand tons of sunflower oil, 40 thousand tons of soybeans. This is four times less than in February, according to the data of the Ministry of Economy. “At the same time, for many items of goods with deep processing, the volume of exports remained at the level of the previous month and even increased. These are, for example, cable products, the export of which amounted to $111 million ($130 million in February) or wood facing sheets – $32 million against $26 million in February,” the Economy Ministry said. Due to the Russian invasion, Ukrainian imports suffered significant losses: if in February the state imported 5 million tons of goods worth $5.9 billion, then in March – 1.6 million tons worth $1.8 billion, the report says. Currently, the most important imports to Ukraine are gas, oil, oil products and coal. “The enemy is deliberately undermining the economy of our state by blocking domestic exports. The traditional route for the export of export goods was the Black Sea ports, blocked today by Russia. In addition, the occupiers are attacking metallurgical enterprises and agricultural infrastructure in order to prevent the restoration of our capabilities in the future. All this threatens not only Ukraine, but also the whole world, because our state was the guarantor of food security in a number of countries in Africa and the Middle East,” the press service of the Ministry of the First Vice Prime Minister of Ukraine – Minister of Economy of Ukraine Yulia Sviridenko quotes. To counter this, Ukraine is increasing the capacity of rail, road and river transport on the western border of Ukraine, attracting manufacturers, traders, transport companies, Sviridenko noted. “The remnants of basic agricultural crops in Ukraine are enough to ensure exports. In addition, the start of the sowing campaign inspires restrained optimism for the future harvest,” the head of the ministry said.
For the period of martial law, Ukraine instructed the regional military administrations, together with the National Police, the State Consumer Service and the State Medical Service, to ensure control over the setting of retailers’ prices for a number of goods, including, in particular, wheat flour, pasta, long loaf, bread, buckwheat, oatmeal.
According to the Decree of the Cabinet of Ministers No. 223 of March 6, published on the government website, this list also includes pork, beef, poultry (chicken carcasses), milk, butter, sour cream, chicken eggs, sunflower oil and sugar.
In addition, retail prices of white cabbage, onions, beets, carrots, potatoes, ethanol (96% solution), domestic non-steroidal anti-inflammatory and antibacterial drugs, A-95 gasoline, diesel fuel and liquefied gas will be controlled.
As reported, Prime Minister Denys Shmyhal said on March 7, that the government had formed a package of decisions that should support Ukrainian businesses during the war. According to him, in particular, the government will cancel all measures of market and consumer supervision on all issues, except for price regulation and pricing control.
The deficit of foreign trade in goods in January-February 2022 decreased by 1.15% to $0.59 billion compared to the same period in 2021, with exports growing by 37% to $11.57 billion, imports by almost 34.56%, to $12.17 billion, according to the State Customs Service.
According to the customs, the trade turnover of Ukraine in January-February grew by 36% compared to January-February 2021 and reached $23.74 billion.
According to the service, the deficit of foreign trade in goods in February fell by 16.5%, to $0.37 billion compared to February 2022, with an increase in exports by 22.5% to $5.54 billion, imports by almost 22%, to $5.91 billion.
Trade in February increased by 22.3% to $11.45 billion, according to data on the service’s website.
According to customs statistics for January-February 2022, Ukraine received the largest volume of trade during this time with China ($67.8 billion, export $24 billion, import $43.6 billion), Russia ($52.2 billion, export $17, 5 billion, import $34.6 billion), Poland ($39.6 billion, export $18.6 billion, import $21 billion).
As reported, in 2021, the deficit of foreign trade in goods amounted to $5.1 billion compared to $4.72 billion in 2020. Import of goods at the end of the year increased by 35.6% compared to 2020, to $73.3 billion, export by 38.3%, to $68.2 billion.
Prime Minister Denys Shmyhal says the government is actively developing mechanisms for stable supplies of food, medicine and essential goods throughout the country.
“Now the government is actively developing mechanisms for stable supplies of food, medicine and essential goods throughout the country,” Shmyhal said in a video message on Wednesday afternoon.
According to the prime minister, at the moment the Coordinating Center for the Provision of Food Products, Medicines, Drinking Water and Fuel is operating under the leadership of First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko, and the Humanitarian Aid Coordination Center is also operating under the leadership of Deputy Prime Minister for European and Euro-Atlantic Integration Olha Stefanishina.
Nova Poshta Global, a member of the Nova Poshta group of companies, has begun delivering goods from online stores in Spain and France, you can now order them through the NP Shopping website, the company’s press service said.
“Our customers got direct access to some of the best products in terms of quality and range. Spain is a country of shopping for your favorite brands, where you can buy products from the first collections much cheaper than ours. And in French online stores it’s easy to find exclusive goods and please yourself what you can’t find in our stores, or buy a third cheaper than in Ukraine. Our goal is for everyone to be able to buy goods around the world as easily and with pleasure as in Ukrainian stores,” Olha Volodina, the deputy director for products development and marketing of Nova Poshta Global, said.
The company notes that the cost of delivery of the order depends on the weight of the package: 0-1 kg – from $5, 1-5 kg – from $4; 5-30 kg – from $3.5.
Currently, online stores from nine countries are already available for ordering through the NP Shopping website: the United States, Italy, Turkey, China, UK, Germany, Poland, France and Spain.
Nova Poshta Global has been providing international express delivery services since 2015. In 2021, the company delivered over 9.3 million international parcels, up 32% from 2020 volumes.
