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Economy 2019-08-15T04:17:00+03:00
Ukrainian news
Deficit Of Current Account Of Balance Of Payments USD 381 Million In February

Deficit Of Current Account Of Balance Of Payments USD 381 Million In February

The deficit of the current account of balance of payments in February made USD 381 million.

The National Bank of Ukraine has said this in a statement, Ukrainian News Agency reports.

The amount is 4.4% of the gross domestic product.

The export of goods grew slower than their import: 7.3% and 14.9% respectively.

In January, the export rose by 9.6% and the import decreased by 0.2%.

Thanks to that the deficit of merchandise trade grew to USD 1.1 billion against January's USD 235 million.

In the first two months of 2019, the surplus of the current account remained at the level so of the previous year and made USD 146 million or 0.9% of the GDP (USD 187 million or 1.2%the GDP in the first two months of 2018).

Export of goods made USD 3.6 billion.

The major growth factor as it also was in January was the increase in exportation of foodstuffs by 26.9% thanks to grain export (grew 1.6 times).

The import of goods made USD 4.6 billion.

Energy import rose by 15.3% at the expense of the gas import.

The deficit of the net liquidity balance made USD 248 million.

Ukraine also redeemed USD 359 million of its debt to the International Monetary Fund (IMF).

As Ukrainian News Agency earlier reported, in compliance with preliminary data provided by the National Bank of Ukraine, in 2018, the deficit of the current account of balance of payments made USD 4.7 billion, and the balance of payments was drawn with the surplus of USD 2.9 billion.

The surplus of the balance of payments is registered the fourth year in a row.

In particular, last year, the surplus was possible first of all thanks to considerable inflow of capital: official financing from international organizations and funds attracted abroad.

In 2018, the deficit was increased due to expansion of merchandise trade deficit.

Favorable foreign economic situation over the most part of the year and high grain and oil-bearing crop yield supported the export growth.

However, complicated navigation at the Sea of Azov and overhaul at some enterprises constrained the growth.

In turn, stable domestic demand and high electric energy prices conditioned high rates of goods import over export.

In 2018, export of goods rose by 9.2% to USD 43.3 billion.

In 2018, the greatest was the export of goods from Ukraine to the European Union countries (15.5%).

As a result, the share of EU countries in the overall export of goods rose to 37.6% (35.6% in 2017).

At the same time, the share of Asian countries decreased from 32.4% to 31.5%, and the share of the Russian Federation decreased from 8.5% to 7%.

In 2018, import of goods exceeded export by 14% to USD 56.3 billion.

Most of goods were imported from the Asian countries (+27.3%), and as a result their share rose from 20.1% in 2017 to 22.4% in 2018.

At the same time, despite the increase of import from the EU countries (+12.4%), the share decreased from 37.2% to 36.6%.

The share of Russia also decreased from 14.5% to 14.2%.

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