Page 33 - UKRRptJun21

Partially, the strong growth of goods exports and imports is a result of the low comparative base of March 2020. Meanwhile, a surge in exports of ferrous metals and mineral products is also a result of an incredibly favorable price situation on global markets. A surge in imports of vehicles is likely caused by a new wave in the purchase of used automobiles abroad by individuals amid another extension of tax privileges on their imports.
Concorde Capital expects the goods trade deficit to enlarge in 2021 as the growth of goods imports will outpace export growth. We expect that the 2021 goods trade deficit (according to UkrStat methodology) will swell to $8.3bn (from $4.9bn in 2020).
Boosted by booming world iron ore prices, Ukraine’s foreign trade was up 20% to $39.5bn from January to April, compared to the same period last year, reported the State Customs Service. With bills for imported oil and gas rising 18%, to $3.5bn, imports rose 21%, to $20.4bn. The trade deficit for the first four months was $1.3bn.
Although iron ore exports were down 8%, to 14.2mn tons, earnings from Ukraine’s iron ore sales almost doubled, reaching $2.3bn from January to April. With mines in Brazil and South Africa closed due to Covid-19 infections among staff, the world price of a ton of iron ore has jumped from $40 to $200, wrote Oleksandr Kalenkov, President of Ukrmetallurgprom, the metals association, on Facebook. Top consumers of Ukrainian iron ore in 2021 are: China - 44%; Poland - 9%; Czech Republic - 9%.
33 UKRAINE Country Report XXXX 2018 www.intellinews.com