Economy 2024-06-15T05:37:31+03:00
Ukrainian news
Surplus Of Current Account Of Balance Of Payments In August Amounted To USD 2 Billion

Surplus Of Current Account Of Balance Of Payments In August Amounted To USD 2 Billion

Ukraine, NBU, surplus, current account of balance, current account surplus

The surplus of the current account of balance of payments in August 2022 amounted to USD 2 billion (in August 2021, the deficit was USD 36 million).

This is evidenced by the NBU data, Ukrainian News Agency reports.

The surplus was formed through an increase in secondary income (through receiving grants from international partners) and the formation of a primary income surplus due to a reduction in investment income payments.

At the same time, the negative balance of trade in goods and services has significantly expanded, including at the expense of significant expenses of citizens of Ukraine who are abroad.

In January-August 2022, the current account surplus amounted to USD 6.7 billion (in January-August 2021, the deficit amounted to USD 714 million).

Excluding reinvested revenues and grants from international partners, the deficit amounted to USD 1.2 billion (for the eight months of 2021, the surplus made USD 4.0 billion).

Exports of goods in August decreased by 47.4% (in July - by 47.9%), and their imports decreased by 22.1% (in July - by 21.6%).

Compared to the previous month, exports of goods increased by 16.0%, while their imports increased by 1.7%.

Exports of goods amounted to USD 3.1 billion.

Exports of ferrous and non-ferrous metals decreased the most - by 78.3% (compared with July 2022, by 12.2%).

Exports by all other main commodity groups also decreased.

The volume of imports of goods amounted to USD 4.8 billion.

Energy imports decreased by 23.7% (compared with July - by 11.1%).

Non-energy imports fell by 21.6% (over July increased by 3.0%).

The deficit in trade in services was USD 1.1 billion (in August 2021, the surplus was USD 275 million): exports of services decreased by 22.6%, while the growth of imports of services was estimated at 70%.

The import of services increased 2.9 times due to the expenses of people who went abroad due to the war and short-term migrants.

Instead, the import of all other services decreased by 42.5%.

The surplus of the consolidated balance of payments amounted to USD 3.2 billion (in August 2021 – USD 126 million).

The planned repayment of the debt to the International Monetary Fund amounted to USD 130 million.

As of August 1, 2022, the volume of international reserves amounted to USD 25.4 billion, which provides financing for imports in the future period for 4.0 months.

As Ukrainian News Agency earlier reported, in 2021, the deficit of the current account of balance of payments made USD 2.1 billion (1.1% of the GDP) over the surplus of USD 5.3 billion (3.4% of the GDP) in 2020.
The surplus of the current account of balance of payments in 2020 made USD 6.6 billion (4.1% of the gross domestic product) over the deficit of USD 4.1 billion (2.7% of the GDP) year over year.