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5.2 Balance of payments, current account
5.2.1 Import/export dynamics
The average oil price paid by Ukraine in March was $31/barrel – 39% below the price paid in February, reports the Ministry of Economic Development, Trade and Agriculture. This year, Ukraine may save $5-6bn in energy imports this year, calculates Dmytro Sologub, of the central bank. Energy accounts for 20% of Ukraine’s imports.
Ukraine grain exports hit 50mn tons as of April 28, 18% more than at the same time last year, reports the Ministry of Economic Development, Trade and Agriculture. For the marketing year that started July, the big three cereals have seen this growth: corn +7% to 30mn tons; wheat +41% to 15.6mn tons; and barley +52% to 3.7mn tons. With two months left in the marketing year, the ministry expects exports to total 54mn tons.
With food importing nations increasingly nervous over supply disruptions caused by coronavirus curbs, Saudi Arabia’s state grain buyer has bought 60,000 tons of wheat from its Ukraine farms, Reuters reports. SAGO’s purchase from SALIC marks Saudi Arabia’s first purchase from Saudi agricultural investments overseas that are aimed at enhancing the country’s food security. To bolster wheat stocks, the kingdom have asked Saudi private investors with foreign farmland to supply it with 355,000 tons of wheat, about 10% of nation’s needs this year.
With wheat leading the growth, Ukraine’s overall grain exports – including corn, buckwheat and rye – were up by one third on April 3
27 UKRAINE Country Report May 2020 www.intellinews.com
