Current account deficit of balance of payments widened to USD 3.5 billion in November

The current account deficit of the balance of payments widened to USD 3.5 billion in November (compared to USD 1.3 billion in November last year), which is due to the expansion of the goods trade deficit (due to a significant increase in imports of goods).

This is evidenced by the data of the National Bank of Ukraine, Ukrainian News Agency reports.

Excluding reinvested income and grants from international partners, the deficit amounted to USD 4.2 billion (in November 2024 – USD 2.6 billion).

For January-November 2025, the current account deficit amounted to USD 30.6 billion (in January-November 2024 – USD 15.4 billion).

Excluding reinvested income and grants from international partners, the deficit amounted to USD 38.8 billion (for 11 months of 2024 – USD 20.8 billion).

Exports of goods decreased by 1.7% (in October 2025 - by 3.8%), imports of goods increased by 28.2% (in October 2025 - by 24.8%).

Compared to the previous month, exports of goods decreased by 2.7%, and imports increased by 0.9%.

Exports of goods amounted to USD 3.4 billion. The decrease was primarily due to a 7.1% reduction in food exports (up 6.3% compared to October): the decline in grain exports (by 22.2%) and oilseeds (by 40.9%) could not be offset by an increase in other food exports (oils – by 16.9%, food industry products – by 13.5%, and meat and dairy products – by 26.8%).

In November 2025, exports to the Americas decreased the most in nominal terms (by USD 42 million, or 33.6%; the share decreased from 3.6% to 2.4%).

Exports to the European Union countries also decreased (by USD 15 million, or 0.8%; the share increased from 55.4% to 55.9%), Asia (by USD 14 million, or 1.5%; the share remained at 26.4%) and Africa (by USD 7 million, or 3.2%; the share decreased from 6.1% to 6%).

Exports to the CIS countries increased by USD 6 million, or 3.5% (the share increased from 4.9% to 5.1%). Imports of goods amounted to USD 8.1 billion.

Almost 90% of the growth was provided by an increase in non-energy imports by 27.7% (compared to October - by 0.2%), primarily mechanical engineering products - by 40.4% (compared to October - decreased by 0.9%).

In contrast, imports of industrial goods decreased by 1.2% (compared to October – by 25.5%).

Energy imports increased by 33% (compared to October – by 6.8%) due to an increase in imports of coal, gas and electricity.

In November 2025, imports grew in nominal terms by all regions.

Imports from Asia increased the most (by USD 822 million, or 36.1%; the share increased from 35.9% to 38%) and the EU (by USD 360 million, or 12.6%, the share decreased from 45% to 39.5%).

Imports from the Americas also increased (by USD 110 million, or 33.4%; the share increased by 5.2% to 5.4%), Australia (by USD 36 million, or 5 times; the share increased by 0.1% to 0.6%), the CIS countries (by USD 32 million, or 1.8 times; the share from 0.6 to 0.9%) and Africa (by USD 19 million, or 28.8%, the share remained at 1%).

The balance of payments in November was adjusted with a surplus of USD 5.1 billion (in November 2024 – USD 3.5 billion).

Net repayments to the International Monetary Fund amounted to USD 85 million.

As of December 1, 2025, the volume of international reserves amounted to USD 54.8 billion, which provides financing for imports for the future period for 5.6 months.

As Ukrainian News Agency earlier reported, in 2024, the current account deficit was USD 13.4 billion (7.1% of GDP) compared to USD 9.6 billion (5.4% of GDP) in 2023.

In 2023, the current account deficit was 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).