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Ukraine’s surplus of balance of payments doubles in 2017

Source : 112 Ukraine

The EU remains Ukraine’s largest trading partner
17:21, 31 January 2018

conservativereview.com

The surplus of Ukraine’s balance of payments in 2017 reached $2.57 billion. This means it doubled compared to the figure observed in 2016, when it amounted to $1.35 billion, according to preliminary information published on the official website of the National Bank of Ukraine (NBU), Interfax-Ukraine reports.

Related: Current Ukrainian balance of payments deficit fell to $ 234 million in October, - National Bank

According to the regulator, the current account deficit for the previous year grew by 11.16%, to reach $3.84 billion, caused by the negative impact of suspension of trade with the uncontrolled areas of the country and lower than expected crop yields.

Related: Ukrainian Government creates Council on International Trade

However, the National Bank clarifies that the European Union remains Ukraine’s largest trading partner, as its share in total exports of goods increased to 35.4% from 31.9%, whereas in total imports it rose from 36.9% to 37.4%. The total trade turnover with the member states of the European Union increased by 26.5% to reach $32.46 billion. Particularly, exports rose by 31.9% to $14.11, while imports grew by 22.7% to $18.35 billion.

Related: Ukrainian Government intends to create Council on International Trade

In 2017, trade turnover with Russia increased by 28.9% to reach $10.54 billion, particularly exports grew by 10% to $3.38 billion. At the same time, imports increased by 40.3% to $7.17 billion due to imports of coal, oil products and fertilizers.

The total exports of goods for the year in question were 18.82% up and reached $39.88 billion, whereas imports added 21.07% and reached $49.03 billion.

Related: 2nd International trade and industry conference on free trade areas

The National Bank of Ukraine emphasizes that last year exports of services grew considerably – by 13.11%, to $14.08 billion primarily due to IT services, pipeline and air transportation services. Imports of services also climbed 7.23% to $11.77 billion due to a large increase in imports of transportation services and increased spending on travelling by households.

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