Page 39 - UKRRptFeb21

According to its data, at the same time, export of cheese from Ukraine decreased to 6,300 tonnes for $24.4mn, or 11.3% and 8.9%, respectively, compared to 2019.
The drop in butter exports was also significant last year - to 11,200 tonnes for $48.7mn, or 38.6% and 36.8%, respectively, with a sharp increase in imports. It increased almost threefold, to 10,000 tonnes in natural terms and almost 2.5 times in dollar terms, to $40.6mn.
In addition, in 2020 import of milk and cream increased sharply, to 12,900 tonnes worth $11.6mn: the jump was 3.6 times and 3.3 times, respectively. Export of milk and cream from Ukraine decreased by a quarter, to 18,600 tonnes in natural terms and by 21.6% in dollar terms, to $12mn.
In 2020, imports of condensed milk also increased, to 6,100 tonnes worth $11.6mn, or 2.4 times. At the same time, exports amounted to 27,400 tonnes for $55mn, having decreased by 23.4% and 27.1%, respectively.
5.2.2​ Current account dynamics
Ukraine’s current account (C/A) switched to a surplus of USD 6.6 bln in 2020 from a deficit of USD 4.1 bln in 2019 ​due to a lower trade deficit and increased surplus of the primary income balance, the National Bank of Ukraine (NBU) reported on Jan. 29. According to our estimate, the C/A surplus amounted to 4.4% of GDP in 2020 (vs. a 2.7% of GDP deficit in 2019).
The trade deficit dropped to USD 1.7 bln in 2020 from USD 12.5 bln in 2019. ​In particular, goods imports declined 14.7% yoy to USD 51.5 bln (vs. 7.7% yoy growth in 2019), while goods exports slid 2.0% yoy to USD 45.2 (vs. 6.3% yoy growth in 2019). Meanwhile, the surplus of primary income balance increased to USD 4.7 bln from USD 1.9 bln, while the surplus of the secondary income balance declined to USD 3.6 bln from USD 6.5 bln.
The deficit of the financial account in 2020 amounted to USD 4.6 bln (vs. USD 10.1 bln in 2019). The surplus of balance of payments in 2020 amounted to 2.0 bln (vs. USD 6.0 bln surplus in 2019).
In December alone, the C/A surplus shrank to USD 113 mln from USD 783 bln in November mostly due to a decline in primary income balance to USD 49 mln from USD 447 mln in November. The trade deficit enlarged to 326 mln from USD 44 mln in November.
Goods exports surged 18.2% yoy to USD 4.5 bln in December, accelerating from 9.4% yoy growth in November. In particular, metals export surged 31.2% yoy (vs. 2.5% yoy drop in November), chemicals export jumped 20.4% yoy (vs. 1.2% yoy decline in November). At the same time, food export slowed to 5.5% yoy growth (from 11.3% yoy growth in November). Machinery exports declined 6.9% yoy (vs. 8.7% yoy decline in November).
December’s goods imports increased 1.4% yoy, switching from 5.5% yoy decline in November. In particular, imports of machinery advanced 10.7% yoy (vs. a 3.7% yoy decline in November), imports of chemicals surged 21.3% yoy (vs. 22.2% yoy increase in November), foods imports advanced 9.0% yoy (vs.
39​ UKRAINE Country Report​ February 2021 ​ ​www.intellinews.com