Deficit of current account of balance of payments makes USD 21 million in May

In May, the deficit of the current account of the balance of payments was just USD 21 million (in May 2022, it was USD 173 million).

This is stated in the message of the NBU, Ukrainian News Agency reports.

The negative balance of trade in goods and services, formed also at the expense of significant expenses of citizens of Ukraine who are abroad, was compensated by receiving a grant from international partners, which increased the surplus of secondary income.

For the five months of 2023, the current account deficit was USD 1.4 billion (in January - May 2022, the surplus was USD 3.1 billion).

Excluding reinvested income and grants from international partners, the deficit was USD 6.3 billion (for five months of 2022, the surplus was USD 2.1 billion).

Exports of goods increased by 10.0%, their imports - by 28.2%.

Compared to the previous month, exports of goods decreased by 0.2%, and their imports increased by 6.7%.

Export volumes of goods amounted to USD 2.9 billion.

Exports of food products increased by 38.9% (compared to April 2023 decreased by 3.3%), including cereals - by 2.2 times (compared to April decreased by 12.8%), as well as ferrous and non-ferrous metals - by 9.6% (compared to April - by 20.8%).

Exports by other commodity groups declined.

In May 2023, exports to Asia increased the most in nominal terms (by USD 389 million, or 2.3 times, and their share in the export of goods increased from 11.3% in May 2022 to 23.7% in May 2023) and Africa (by USD 150 million, or 3.6 times, and their share increased from 2.2% to 7.2%).

At the same time, exports to the EU countries decreased (by USD 279 million, or 13.9%, their share decreased from 76.3% to 59.7%).

The volume of imports of goods amounted to USD 4.9 billion. Energy imports decreased by 7.1% (by April - by 10.8%), non-energy increased by 36.2% (by April - by 10.0%).

The consolidated balance of payments surplus was USD 1.5 billion (in May 2022, the deficit was USD 1.9 billion).

As of June 1, 2023, the volume of international reserves amounted to USD 37.3 billion, which provides financing for imports of the future period for 4.9 months.

As Ukrainian News Agency earlier reported, the balance of payments current account surplus in 2022 was 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).

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