(c) shutterstock.com

The deficit of Ukraine's goods foreign trade in January-March decreased by 40 times

According to the results of January-March 2022, Ukraine reduced the export of ferrous metals by 11.4% compared to the same period last year, to $2.36 billion, according to Ukraine’s State Statistics Service.

Imports of metal products in the first three months increased by 16.3% compared to the first quarter of 2021, to $249.2 million.

The negative balance of Ukraine’s goods foreign trade for the first quarter decreased by 40 times compared to the same period in 2021, to $31.6 million from $1.27 billion.

According to the data, exports of goods over this period increased by 2.9% to $14.101 billion, while imports decreased by 5.6% to $14.132 billion.

In March, compared to February, the seasonally adjusted exports decreased by 57.9%, to $2.48 billion, and imports, by 75.8%, to $1.66 billion.

The seasonally adjusted foreign trade balance in March was positive at $0.82 billion, while in February it was negative at $0.97 billion.

Export-to-import ratio in the first quarter of this year reached 1.00 (in the first quarter of 2021it was 0.92).

The State Statistics Service added that foreign trade operations were carried out with partners from 214 countries of the world.

In January-February 2022, the revenue of Ukrainian steel plants from the export of ferrous metals increased by 34.8% compared to the same period in 2021, to $2.04 billion. Over the two months, imports grew by 86.8%, to $230 million.

At the end of 2021, revenue from the export of ferrous metals from Ukraine increased by 81.4% compared to the previous year, to $13.96 billion.