Balance of payments current account deficit makes USD 9.8 billion in 2023.

The balance of payments current account deficit in 2023 was USD 9.8 billion (5.5% of GDP), compared to a surplus of USD 8.0 billion (5.0% of GDP) in 2022.

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

The deficit was formed due to a significant expansion of the negative balance of trade in goods - both due to a decrease in exports and an increase in imports; reduction of grant aid from foreign partners; expansion of payments for investment income.

Excluding reinvested income and grants from international partners, the deficit amounted to USD 18.4 billion (in 2022 – USD 6.3 billion).

In December 2023, the current account deficit was USD 797 million (in December 2022, the surplus was USD 273 billion).

According to current account operations, excluding reinvested income and grants, the deficit was USD 1.9 billion, in December 2022 – USD 2.2 billion.

Export of goods and services decreased by 11.6% (in 2022 by 29.4%), while imports increased by 6.4% (in 2022 decreased by 1.1%).

In December 2023, the export of goods decreased by 5.4% (in November - by 19.4%), and their import was at the level of December 2022 - increased by 0.8% (in November, it decreased by 8.8%).

Compared to the previous month, export and import of goods increased by 7.7% and 24.4%, respectively.

The export of goods for the year decreased by 15.7% (in 2022 – by 35.2%) and amounted to USD 34.5 billion.

The main factor was a decrease in the export of ferrous and non-ferrous metals by 34.2% (in 2022 - by 62.6%) and mineral products (including ores) by 45.3% (in 2022 - by 47.8%).

The export of food products decreased by 6.5% (in 2022 - by 15.6%), primarily due to a decrease in the export of oilseeds by 25.3% (in 2022 it increased by 1.5 times) and grain by 9.2% (in 2022 it decreased by 26.2%).

In 2023, in nominal terms, exports to EU countries decreased the most (by USD 3.0 billion, or by 12.2%, and their share in the export of goods increased from 60.7% in 2022 to 63.2%) and Asian countries (decreased by USD 1.6 billion, or by 16.3%; their share was almost at the level of 2022: it decreased by only 0.2 percentage points to 23.3%.

Exports to CIS countries also decreased (by USD 708 million, or 31.0%, the share decreased from 5.6% to 4.6%), America (by USD 463 million, or by 39.1%) and Africa (by USD 440 million, or 20.8%).

The import of goods for the year increased by 13.9% (in 2022, it decreased by 20.4%), and its volume amounted to USD 63.3 billion.

Energy imports decreased by 18.3% (in 2022 by 8.8%), while non-energy imports increased by 23.4% (in 2022 decreased by 23.2%).

In general, 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).

Net borrowing from the International Monetary Fund (IMF) as a whole for the year amounted to USD 1.9 billion (in 2022 – USD 632 million).

In December 2023, the surplus of the consolidated balance of payments was USD 1.1 billion (in December 2022 – USD 528 million).

The net borrowing from the IMF was USD 466 million (in December 2022, the net repayment was USD 166 million).

As of January 1, 2024, the volume of international reserves amounted to USD 40.5 billion, which provides financing for imports in the future period of 5.4 months.

As the Ukrainian News agency earlier reported, the current account surplus of the balance of payments in 2022 amounted to USD 8.6 billion (5.8% of GDP) compared to 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).