Russian imports in 2017 grew mostly thanks to oil products, coal and fertilizers, the National Bank said. The European Union ended up second in terms of the imports growth rate – shipments of machine-building goods and natural gas contributed to the total imports figure rise by 23%.
Altogether Ukraine’s imports totaled $49 billion in 2017, indicating a 21% year-on-year increase. According to the data from the National Bank, the energy sector saw the most expansion – by 1.5 times.
The reason for this is shortage of coal, which was previously shipped from the territories that are currently uncontrolled by the Ukrainian government. Furthermore, private importers of natural gas has become a lot more active, causing its total imports to rise.
Moreover, world market prices on energy resources have gone up, which is reflected in the price breakdown of the imports figure: the cumulative price of oil products delivered to Ukraine from overseas increased by 27.6%.
When it comes to machine-building goods that are shipped from the European Union, the rise in the volume of imports was caused by higher domestic demand for agricultural equipment and passenger cars – 31% more of those were delivered in 2017, compared to the previous year.
The total volume of 2017 imports exceeded that of exports by $5.21 million, which is $2.89 million greater than in 2016.