Ukraine’s trade gap narrows through April on imports
Imports fell 50 percent
Ukraine’s trade deficit narrowed in the first four months as the contracting economy curbed demand for imports, which fell at a faster pace than exports, Bloomberg reported.
The deficit totaled $1.94 billion through April, compared with $7.4 billion in the same period a year ago, the Kiev-based state statistics committee said today on its Web site. Imports fell 50 percent to $13.4 billion and exports declined by 41 percent to $11.4 billion.
Most countries in eastern Europe are in recession as the global crisis curbs demand for their exports, including Ukrainian steel, while shutting off investment and credit. The decline also sapped demand for products such as production equipment while rising unemployment reined in appetite for cars.
Ukraine last year had its biggest trade gap in 12 years at $18.5 billion as booming domestic consumption led to a surge in imports, driven by natural gas, oil products and cars.