The deficit of Ukraine’s foreign trade in goods in January-May 2021 increased by 25.5% compared to January-May 2020, to $ 1.078 billion from $ 859 million, the State Statistics Service has reported.
According to its data, the export of goods from Ukraine for the specified period increased by 26.1% compared to the same period in 2020, to $ 26.608 billion, imports – by 26.1%, to $ 25.686 billion.
The service clarified that in May compared with April 2021, the seasonally adjusted export volume increased by 6.4%, to $ 5.523 billion, while imports decreased by 0.6%, to $ 5.567 billion.
The seasonally adjusted foreign trade balance in May 2021 was also negative and amounted to $ 440 million, which is worse than in the previous month ($ 410 million).
The ratio of coverage of imports by exports for the five months of this year, the same as in January-May 2020, amounted to 0.96%.
The State Statistics Service specified that foreign trade operations were carried out with partners from 220 countries of the world.
The negative balance of Ukraine’s foreign trade in goods in January-June 2021 decreased by 8.36%, to $1.25 billion with an increase in exports of almost 30.3%, to $29.97 billion, imports – by 28.4%, to $31.22 billion, according to data from the State Customs Service.
“Exports for the six months of 2021 grew by 30.27% compared to the first half of last year and amounted to $29.97 billion. But the main thing is an even smaller negative balance than last year. Some $1.25 billion – 8.36% less than last year,” Deputy Minister of Economy – Trade Representative of Ukraine Taras Kachka said on Facebook.
At the same time, the trade representative pointed out that, compared with the indicator for the first half of 2019, before the effect of the pandemic, exports for the first half of 2021 grew by 22%. As of July 1, 2019, foreign trade deficit was $3.16 billion.
“So we have two years of reduction in the negative balance by 60% (from $3.16 billion to $1.25 billion),” Kachka said.
Kachka also noted an increase in exports to the EU by 45% in January-June-2021, to $12.3 billion, and compared to the first half of 2019, the growth is 20%.
“Exports to China are also growing at a similar rate of 42.4% compared to the first half of last year, but compared to the first half of 2019, this is already a fantastic 175% (from $1.56 billion to $4.28 billion),” he said.
The trade representative also noted that according to the results of the first half of the year, Ukraine recorded a positive balance of trade with Turkey – $460 million, compared with a negative balance of $80 million in January-June 2020. At the same time, Ukraine during the specified reporting period of this year raised exports to Turkey by 51%, to $1.79 billion, which is explained by the boom in commodities in light of the economic recovery.
“But it’s worth paying attention to industrial goods (my favorite groups are 84 + 85, where all electrical and mechanical equipment is grouped). We traditionally have a negative balance for these groups. But exports in the first half of the year grew by 32%, to $2.4 billion. And this is also $366 million more than in the first half of 2019,” the official said.
He also drew attention to the growth of furniture exports by 56.2% compared to the first half of 2019 and by 73.6% compared to January-June 2020. Although, in general, this is a relatively small export item – for the six months of 2021, Ukraine exported furniture worth $510 million (94 product groups).
The negative balance of Ukraine’s foreign trade in goods in January-February 2021 decreased by 55.3% compared to January-February 2020, to $ 256.5 million from $ 573.2 million, the State Statistics Service has reported.
According to its data, the export of goods from Ukraine for the reporting period increased by 4.5%, to $ 8.475 billion, imports by 0.5%, to $ 8.731 billion.
The State Statistics Service clarifies that in February 2021 compared to January 2021, the seasonally adjusted export volume increased by 4.3%, to $ 4.625 billion, while imports decreased by 1.1%, to $ 5.04 billion.
The seasonally adjusted foreign trade balance in February 2021 was negative and amounted to $ 415.1 million, while in the previous month the balance was also negative and amounted to $ 665.1 million.
The ratio of coverage of import by export in January-February 2021 amounted to 0.97 (in January-February 2020 some 0.93).
The State Statistics Service clarified that foreign trade operations were carried out with partners from 201 countries of the world.
The trade deficit of Ukraine more than halved by the end of the past 2020 – from $10.22 billion to $4.9 billion, Deputy Minister of Development of Economy, Trade and Agriculture, Trade Representative of Ukraine Taras Kachka has said.
“In U.S. dollars, exports for the whole year amounted to $49.32 billion, which is 1.70% less than in 2019. In the crisis year, this figure is very good. Particularly positive is the reduction of the trade deficit by more than half from $10.22 billion in 2019 to $4.9 billion,” Kachka wrote on Facebook last week.
He especially noted the dynamics of December, when exports amounted to $4.88 billion, which is $150 million more than in the previous month and $760 million than in December 2019.
“The secret of the December figures is quite simple. All over the world prices for metal and ore are growing at a frantic pace. Exports for the 72nd group in December amounted to $715 million (in November it was $572 million and in December 2019 $522 million),” Kachka wrote.
According to him, the export of ore from Ukraine in 2020 amounted to $4.42 billion, which is 23% more than in 2019, while the indicators of ferrous metallurgy ($7.7 billion) and products from it ($0.88 billion) were less by 12% and 15%, respectively, than in 2019.
In addition, due to a decrease in the harvest, physical grain exports in 2020 were lower than in 2019. “But this decrease in physical exports is offset by a rise in prices,” Kachka said.
