The deficit of foreign trade in goods increased fourfold in the first half of 2023

In the first half of 2023, the negative balance of Ukraine’s foreign trade in goods increased 4 times compared to the same period in 2022 – up to $11.04 billion from $2.58 billion. This is evidenced by State Statistics Service’s data.

Export of goods from Ukraine in January-June 2023 decreased by 14.3% year-on-year – to $19.4 billion, imports increased by 20.7% – up to $30.45 billion.

In June 2023, compared to May, the seasonally adjusted volume of exports decreased by 2.8% – to $3.13 billion, imports by 4.4% – to $5.01 billion. The seasonally adjusted balance of foreign trade in this period was negative, having amounted to $1.87 billion, in May it was also negative – $2.01 billion.

The export-import coverage ratio in the first half of 2023 was 0.64 (0.90 in the same period last year). Foreign trade operations were conducted with partners from 224 countries.

As GMK Center reported earlier, in January-June 2023, Ukraine exported 799.7 thousand tons of pig iron for $309.15 million. Export volumes increased by 26.1% compared to the same period in 2022, and revenue decreased by 7.9%.

Also, the pipe producers of Ukraine have cut down on the results of pipe export in the first half of the year by 3% compared to the same period in 2022 – to 197.5 thousand tons. Revenue from the export of pipes during this period increased by 1.6% y/y – up to $354.4 million.