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declined 1.0% y/y.
The deficit of the financial account shrank to $0.7bn in April from $1.5mn in March. The net outflow from the government of $341bn was the result of local debt purchased by non-resident investors ($307mn) and the payments on loans to international financial institutions ($39mn). In addition, the volume of cash currency outside the banking system swelled by $799mn. At the same time, the net foreign currency inflow to the banking sector amounted to $358mn.
In April, Ukraine’s balance of payments switched to a $0.8bn surplus from a $1.8bn deficit in March. In 4M20, the surplus of the balance of payments amounted to $577mn (vs. $283mn in 4M19).
The deficit of Ukraine’s balance of payments amounted to $1.8bn in March (vs. a surplus of $0.6bn in March 2019). In 1Q20, the deficit of the balance of payments amounted to $139mn (vs. a surplus of $329mn in 1Q19)
5.2.1 Import/export dynamics
Ukraine’s exports to China doubled during the first quarter, consolidating China’s position as Ukraine’s top trading partner. Two-way trade totalled almost $3.2bn for the January-March period, reports Ukraine’s State Statistics Service. Exports to China surged to $1.25bn, while imports from China fell by 5%, to $1.9bn.
Poland was in second place, with two-way trade virtually static at $1.8bn.
Overall EU trade with Ukraine totalled $10.6bn. Ukraine’s trade deficit with the
33 UKRAINE Country Report June 2020 www.intellinews.com
