Foreign trade balance

Imports for the month decreased by 10.1% m/m, and exports increased by 10% m/m

Ukraine’s foreign trade deficit in November 2023 decreased by 30% compared to the previous month – to $2.12 billion ($2.96 billion in October). This was announced by Danylo Hetmantsev, Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy.

Last month, imports of goods amounted to $5.07 billion, down 10.1% compared to October, while exports during this period increased by 10% month-on-month – to $3.23 billion.

The improvement in the foreign trade balance in November was influenced by the car blockade on the borders with the European Union and the increase in sea transportation.

«The blockade of truck traffic by Poland and Slovakia was the main reason for the 10.1% decline in imports. As for exports, it also fell due to the blockade in most major commodity groups (metals – by 5.1%, machinery/equipment – by 3.5%, and timber – by 14.9%). However, an increase in sea and river transportation, primarily of agricultural products, played a significant role,» said Danylo Hetmantsev.

Exports by sea and water transport in November increased by +71% m/m. Accordingly, the export of agricultural raw materials and food grew by 20% month-on-month.

«Improving the balance of foreign trade will positively affect the balance of payments and international reserves in November,» he summarizes.

As GMK Center reported earlier, Ukraine in January-November 2023 reduced revenue from the export of ferrous metals by 44.2% compared to the same period in 2022 – to $2.43 billion. At the same time, in 11 months of 2023, Ukraine increased the import of similar products by 38.7% – up to $1.19 billion.