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compared to the same time last year. Ukraine has exported a record 45.3mn tons. The USDA recently raised its grain export forecast for this marketing year ending in June to 57.3mn tons – 14% over last year’s level. Last year, Ukraine harvested a record 75.1mn tons of grain – a 7% increase over 2018.
Ukraine’s exports to China jumped by 42% y/y for the first two months of this year,​ reports the State Statistics Service. The jump, to $760mn, helped to cut Ukraine’s overall trade deficit in goods in half, to $423mn. China is Ukraine’s largest single trading partner, with two-way trade totaling $2.1bn in January and February. Ukraine’s imports from China during the period were up only by 1.4%, to $1.34bn
Ukraine’s food exports increased by 6% during the first quarter​, compared to January-March of last year, reports the Ukrainian Agricultural Business Club. Exports totalled $5.7bn. Among major commodities, sunflower oil exports were up by 17% and corn by 8%. In 2019, Ukraine exported a record $22.4bn worth of food, almost 20% more than in 2018.
5.2.2​ Current account dynamics
Fitch expects the current account deficit to remain low at 2.2% of GDP in 2020,​ as resilience in food commodity exports (40% of total), declining prices for energy and commodity imports.
Ukrainians working abroad transferred some $15.8bn to Ukraine in 2019,
a World Bank study says. This figure amounted to 10.5% of Ukraine's GDP (ranking eighth in Europe and Central Asia last year). According to the World Bank, Ukraine is the largest recipient of such financial transfers in Europe. The World Bank predicts that in 2020, remittance inflows from labour migrants to Europe and Central Asia will fall by 28% due to the negative impact of the coronavirus pandemic.
28​ UKRAINE Country Report​ May 2020 ​ ​www.intellinews.com