Deficit Of Current Account Of Balance Of Payments Makes USD 417 Million In November

A deficit of the current account of the balance of payments in November made USD 417 million (USD 456 million in November 2020).

That follows from the respective statement by the National Bank of Ukraine, Ukrainian News Agency reports.

On current account transactions excluding reinvested income, the deficit was USD 403 million, compared with a surplus of USD 650 million in November 2020.

In the first eleven months of 2021, a deficit made USD 1.3 billion (in the first eleven months of 2020, the surplus was USD 5.6 billion).

Less reinvested income, the surplus made USD 4.3 billion (USD 5.0 billion in the first eleven months of 2020).

Exports and imports of goods increased 1.5 times (in October, exports grew by 38.9%, and imports - by 37.0%).

Compared to the previous month, the export of goods increased by 7.0%, while their imports increased by 15.3%.

Exports of goods amounted to USD 6.3 billion, imports of goods amounted to USD 7.5 billion.

Energy imports increased 2.2 times (in October - 2.4 times), mainly due to the import of petroleum products.

The surplus of trade in services amounted to USD 407 million (in November 2020 – USD 494 million).

The import of services grew at a higher rate than their export: 1.5 times and 27.3%, respectively.

The main factor in the growth of imports of services was the increase in the expenses of traveling abroad and short-term migrants - 1.9 times.

The surplus of the consolidated balance of payments amounted to USD 377 million (in November 2020, the deficit was USD 15 million).

The formation of a surplus in the consolidated balance sheet together with the receipt of the second tranche from the International Monetary Fund under the stand-by program (in the amount of 500 million SDR) led to an increase in international reserves to USD 30.598 billion, which provides financing for future imports within four months.

As Ukrainian News Agency earlier reported, a surplus of the current account of the balance of payments in 2020, made USD 6.6 billion (4.1% of the gross domestic product) over a deficit of USD 4.1 billion (2.7% of the GDP) in 2019.

In 2019, a deficit fell to USD 1.1 billion (0.7% of the GDP).

On the whole, in 2019, the overall balance of payments was formed with a surplus of USD 6 billion (USD 2.9 billion in 2018).