The current account deficit of the balance of payments in 2025 amounted to USD 31.9 billion (14.9% of GDP), compared to USD 15.2 billion (8% of GDP) in 2024.
This is evidenced by the data of the NBU, the Ukrainian News agency reports.
The deficit widened primarily due to an increase in the negative balance of trade in goods (due to a significant increase in imports amid a moderate decrease in exports) and a deficit in primary income (due to a simultaneous decrease in wage income and an increase in payments on investment income).
At the same time, the volume of grant aid from international partners increased. Excluding reinvested earnings and grants from international partners, the deficit amounted to USD 43.5 billion (in 2024 - USD 23.8 billion).
In December 2025, the current account deficit amounted to USD 1.4 billion (in December 2024, the surplus was USD 219 million). The deficit on current account transactions, excluding reinvested earnings and grants, amounted to USD 4.9 billion, while in December 2024 it was USD 3.1 billion.
Exports of goods and services decreased by 4.2% (up 9.7% in 2024), while imports increased by 16.4% (up 6.9% in 2024). In December 2025, exports of goods and services increased by 4.9% (down 3.5% in November), while imports increased by 27.3% (up 20.5% in November). Compared to the previous month, exports of goods and services increased by 6.9%, while imports increased by 19.5%.
Goods exports decreased by 2.7% over the year (up 12.3% in 2024), or by USD 1 billion, and amounted to USD 38.3 billion. Almost all of the decline was due to a decrease in food exports - by 8.7% (up 12.1% in 2024): a significant decrease in exports of cereals (by 22.8%) and oilseeds (by 30.4%) was only partially offset by an increase in exports of oils and fats (by 11%), meat and dairy products (by 21.9%), and food processing products (by 4.7%). Exports of mineral products also decreased by 7.2% (up 38.9% in 2024), including ores (down 17.3%).
In 2025, in nominal terms, exports decreased the most to the EU (by USD 1.5 billion, or 6.6%; the share in merchandise exports decreased from 56.4% in 2024 to 54.1%) and Asia (by USD 0.4 billion, or 4.5%; the share decreased from 25.3% to 24.9%). At the same time, exports to the CIS countries increased (by USD 262 million, or 14.3%; the share increased from 4.6% to 5.5%), the Americas (by USD 141 million, or 12.2%; the share increased from 2.9% to 3.4%), and Africa (by USD 80 million, or 2.7%; the share increased from 7.5% to 7.9%). Imports of goods increased by 23.5%, or USD 17 billion, to $89.3 billion over the year (up 10.6% in 2024). The increase in imports was mainly driven by non-energy imports, which grew by 24.2%, or USD 15.4 billion (up 15.2% in 2024). More than half of this growth was driven by an increase in imports of machinery - by 37% (up 25.4% in 2024).
Energy imports increased by 18.5%, or USD 1.6 billion (down 14.1% in 2024), primarily due to natural gas (up 2.9 times) and coal (up 2.5 times). In 2025, imports from Asia grew the most in nominal terms (by USD 7.4 billion, or 30.9%; the share increased from 33.2% to 35.2%) and the EU (by USD 3.8 billion, or 11.4%; the share decreased from 45.6% to 41.2%). Imports from the Americas also increased (by USD 1.3 billion, or 29.3%; the share increased from 6.2% to 6.5%), Australia (by USD 193 million, or 2.4 times, the share increased from 0.2% to 0.4%), and Africa (by USD 165 million, or 17.5%; the share decreased by 0.1 percentage points to 1.2%). At the same time, imports from the CIS countries decreased by USD 16 million, or 2.2%; their share in imports of goods decreased from 1% in 2024 to 0.8%.
In general, in 2025, the consolidated balance of payments was brought to a surplus of USD 12.8 billion; in 2024, the balance of payments was in balance (the deficit was only USD 3 million).
Net payments to the International Monetary Fund for the year as a whole amounted to USD 1.4 billion (in 2024, net borrowings amounted to USD 2.9 billion). In December 2025, the surplus of the consolidated balance of payments amounted to USD 2.3 billion (in December 2024 - USD 3.1 billion)
Net payments to the International Monetary Fund amounted to USD 171 million (in December 2024, net borrowings amounted to USD 842 million).
As of January 1, 2026, the volume of international reserves amounted to USD 57.3 billion, which provides financing for imports of the next period for 5.8 months.
As the Ukrainian News agency earlier reported, in 2024 the current account deficit of the balance of payments amounted to 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 of the balance of payments 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).
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