Decline in exports, imports of goods reported – State Customs Service

Ukraine's State Customs Service says imports of goods in January-August 2020 shrank by 12.4%, or US$4.7 billion, to US$33.3 billion year-over-year (y-o-y), while the exports declined by 6.6%, or US$2.2 billion, to US$30.9 billion.

Balance

Imports have exceeded exports by US$ 2.4 billion.

"The major exporters of [goods] to Ukraine are China (US$5.1 billion), Germany (US$3.2 billion) and Russia (US$2.9 billion). In total, [Ukrainian] exports to China stood at US$4.3 billion, Poland – at US$2 billion, and Russia – at US$1.8 billion," the agency's press service said.

Major export staples

Ukraine's TOP 3 major exports are as follows: grain (worth US$5.9 billion), ferrous metals (US$5.2 billion), and sunflower oil (US$3.4 billion).

Imports to Ukraine

Read alsoDecline in Ukraine economy slows to 6.2% – economy ministryImports include mineral fuels, oil and petroleum products (US$5.1 billion); machinery, equipment and mechanical devices (US$ 3.7 billion); as well as machinery and relevant equipment, audio and video equipment (US$3.3 billion).

Background

Trade balance in January-June 2020 was negative, that is, negative US$1.4 billion with a total turnover at US$47.3 billion.

Imports of goods in the seven months of 2020 amounted to US$28.8 billion, which was 13%, or US$4.2 billion down y-o-y, while the exports totaled US$26.6 billion, which was 7%, or US$2.1 billion down y-o-y.

The negative balance of Ukraine's foreign trade balance in 2019 amounted to US$3.63 billion, which was 41.5% down from US$6.21 billion reported in 2018.