Surplus of current account of balance of payments amounts to USD 3.2 billion in August

In August, the surplus of the current account of the balance of payments amounted to USD 3.2 billion (in August 2023 – the deficit was USD 2.4 billion).

This follows from a statement by the National Bank of Ukraine (NBU), the Ukrainian News agency reports.

It is noted that the current account surplus was formed due to the reduction of the negative balance of trade in goods due to higher growth rates of export of goods than their import, as well as receiving grant assistance from international partners.

Excluding reinvested income and grants from international partners, the current account deficit amounted to USD 2.3 billion (in August 2023 – USD 2.0 billion).

In eight months of 2024, the current account deficit amounted to USD 8.6 billion (in eight months of 2023 – USD 5.1 billion).

Excluding reinvested income and grants from international partners, the deficit amounted to USD 12.8 billion (for eight months of 2023 – USD 10.9 billion).

The export of goods increased by 25% (in July 2024 it increased by 28.9%), and their import increased by 2.1% (in July 2024 it increased by 13.9%).

Compared to the previous month, exports increased by 8.8%, while imports decreased by 5.2%.

The volume of export of goods amounted to USD 3.2 billion.

Exports increased primarily due to food products (by 22.8%, compared to July increased by 8.4%) thanks to the export of cereals (increased by 70%) and oilseeds (by 70%, although the export of oil and fats decreased by 39 .8%).

The volume of goods import amounted to USD 5.7 billion.

Energy imports increased by 42.9% (by July they increased by 8.2%), mainly due to the increase in imports of electricity and oil products.

Non-energy imports decreased by 3.3% (by July they decreased by 7.5%).

In August, the balance of payments showed a significant surplus of USD 4.9 billion (in August 2023, the deficit was USD 1.2 billion).

The net repayment of liabilities to the International Monetary Fund amounted to USD 131 million (in August 2023 – USD 132 million).

As of September 1, 2024, the volume of international reserves amounted to USD 42.3 billion, which provides financing of imports for the future period for 5.4 months.

As Ukrainian News Agency earlier reported, the current account deficit of the balance of payments in 2023 amounted to USD 9.8 billion (5.5% of GDP) compared to a surplus of USD 8.0 billion (5.0% of GDP) in 2022.

In 2023, the consolidated balance of payments was formed with a surplus of USD 9.5 billion (in 2022, the deficit was USD 2.9 billion).

The balance of payments current account surplus was USD 8.6 billion (5.8% of GDP) in 2022, compared with a deficit of USD 3.9 billion (1.9% of GDP) in 2021.

In general, for 2022, the consolidated balance of payments was formed with a deficit of USD 2.9 billion (in 2021, the surplus was USD 487 million).