Ukraine’s foreign trade increased

Ukraine’s foreign trade increased

Ukraine’s foreign trade in goods increased by almost 30% for the first half of this year, compared to the same January-June period last year said Taras Kachka, Ukraine’s Trade Representative writes on Facebook. Compared to the first half of 2019, the last ‘normal’ year, trade is up 22% and the trade deficit is down 60%, to $1.25 billion.

Highlights contrasting the two six-month periods are:

  • Exports to the EU reached $12.3 billion, 20% higher than 2019.
  • Exports to China reached $4.28 billion, nearly three times the level of 2019.
  • Trade with Turkey changed from a deficit last year of $80 million to a surplus this year of $460 million
  • Exports of industrial goods are up 18%, to $2.4 billion.
Ukraine’s current account surplus grew to $723 million in May, up from $443 million in April, reports the National Bank of Ukraine. Behind the growth was a surge in export earnings from: mineral products +188% yoy; ferrous metals + 95%; food exports + 29%; chemicals +57%; machinery + 30%.

Ukraine’s exports to Russia plummeted by 78% from 2013 to 2019, Tymofiy Milovanov, Presidential Economic Advisor said yesterday at the Ukraine 30 International Politics forum. During that period, Ukraine’s exports to the EU increased by 24%. “We have increased exports to the European Union and reduced them to Russia,” he said. “But in general we have not yet been able to compensate for those losses from exports to Russia at the expense of the EU. But I am sure that it will happen.”


Related posts

Ukrainian 2021 GDP Hits New High

Ukraine’s GDP Sets a Record for 2021, With External Borrowing Lower and +45% Increase in the...

Continue reading

Turkey and Ukraine Sign FTA

A Free Trade Agreement (FTA) between Turkey and Ukraine has been signed eliminating customs on...

Continue reading

Another Record Harvest

For the fourth year in a row, Ukraine has beaten its agricultural export record. In 2021, Ukraine...

Continue reading