The deficit in foreign trade in goods exceeded $11 billion in 2022

In 2022, the negative balance of Ukraine’s foreign trade in goods increased by 2.3 times compared to 2021 – up to $11.3 billion. This is evidenced by State Statistics Service’s data.

Export of goods from Ukraine for 2022 decreased by 35.1% compared to 2021 – to $44.15 billion, and import – by 24.1% y/y, to $55.27 billion.

In December 2022, seasonally adjusted exports decreased by 2.4% compared to November – to $3.38 billion, while imports increased by 9.8% m/m – up to $5.35 billion.

The seasonally adjusted balance of foreign trade was negative at $1.97 billion in December 2022, while it was also negative at $1.41 billion in November of the same year.

The export-import coverage ratio in 2022 was 0.8 (2021 – 0.93). Foreign trade operations were conducted with partners from 233 countries.

As GMK Center reported earlier, Ukrainian steelmakers in 2022 reduced export of iron ore by 45.9% compared to 2021 – up to 23.98 million tons. In monetary terms, exports of iron ore decreased by 57.8% y/y – to $2.91 billion.

Shipment of pig iron abroad in 2022 decreased by 59% y/y – to 1.32 million tons. The income of steelmakers from the export of pig iron last year amounted to $638.8 million, which is 61.1% less than in 2021.