Ukraine’s foreign trade in goods declined by 1% in January–March

Ukraine’s exports of goods in Q1 remained at the same level as in Q1 2019

According to the customs statistics, the volume of foreign trade in goods in January–March 2020 declined by 1% to $25.7 billion compared to the same period of 2019 with a negative balance of $1.2 billion.

Specifically, exports of goods from Ukraine in Q1 remained virtually unchanged compared to the same period of the previous year and amounted to $12.25 billion. Imports fell by 2% to $13.4 billion.

Over the first three months, revenue of Ukrainian steelmaking companies from exports of ferrous metals dropped by 14.8% to $2.057 billion against Q1 last year. The share of ferrous metals in the structure of foreign currency earnings of the country was 16.79%.

In Q1 2020, Ukraine’s mining companies increased iron ore exports revenue by 16.7% to $881.7 million compared to the same period of the previous year.

The volume of foreign trade in goods in January–February 2020 declined by 2% to $8.1 billion compared to the same period of 2019. Imports dropped by 3% to $8.5 billion. Negative balance amounted to $423 million.

In late March, the Cabinet of Ministers of Ukraine updated its economic forecast for 2020. The government expects a 5.5% decline in exports of goods and services to $59.9 billion, and a 10% decrease in imports of goods and services to $68.2 billion at year end.