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10.5% y/y fall in July). The decline of ferrous metals exports slowed to 7.0% y/y (vs. a 23.3% y/y drop in July). Meanwhile, exports of mineral products plummeted 20.3% y/y (vs. a 21.4% y/y drop in July). In 8M20, goods exports declined 6.7% y/y.
The financial account was almost balanced with a $19mn deficit in August (vs. a $58mn surplus in July). In particular, the net outflow from the public sector of $272mn was compensated by the net inflow to the private sector of $253mn.
Ukraine’s balance of payments switched to a $353mn surplus in August from a $88mn deficit in July. In 8M20, the surplus of the balance of payments amounted to $1.5bn (vs. a $2.1bn surplus in 8M19).
5.2.1 ​Import/export dynamics
Ukraine’s top three export destinations in July were China (13.9% to the total turnover), Poland (6.5%) and Russia (6%).
Ukraine’s top three import partners in July were China (15.1%), Germany (10.3%) and Russia (9%).
Ukraine’s total trade turnover dropped by almost 10% through August,
compared to the same period last year, reports the State Customs Service. With imports down by 12%, twice as deep as the export drop of 6%, the overall trade deficit in goods and services, dropped almost in half, to $2.4bn. Through August, imports and exports added up to $64.3bn.
China emerged head and shoulders as Ukraine’s largest trading partner, with $9.4bn in two-way trade through August​. Two-way trade with Russia was only half that level -- $4.7bn. Ukraine had an $800mn trade surplus with China and a $900mn trade deficit with Russia. During the course of last year, China edged out Russia as Ukraine’s largest trading partner.
China doubled imports of Ukrainian barley this summer, pushing Ukrainian export prices up 20%,​ reports APK-Inform. “Chinese demand is just off the scale,” reports the Kyiv-based agricultural consultancy. Sharpening buyer worries, Ukraine’s Economy Ministry warned last month that Ukraine’s due to poor barley harvests, Ukraine exports could drop by 35%, to 3.3mn tons.
Grain exports are down 10% for the first 10 weeks of the marketing year,
the Economy Ministry has reported. Since July 1 which is the start of the marketing year, Ukraine has exported 10.3mn tons of grain. Wheat export volumes are virtually unchanged, at 7mn tons. Corn sales are only one third of last year’s levels, largely due to a late harvest. Overall, the government is forecasting a 16% drop in grain exports this year, largely due to smaller harvests than last year.
Ukraine, the world's largest sunflower oil exporter, increased its sunoil exports by 10% in the marketing year that ended last month​, reports the industry association, Ukroliyaprom. The association says Ukraine exported: 6.7mn tons of sunoil, 335,000 tons of soybean oil, and 184,000 tons of canola oil. In dollar terms, Ukraine’s exports of vegetable oils were up 17%, to $5.3bn. Ukraine accounts for 55% of internationally traded sunflower oil.
33​ UKRAINE Country Report​ October 2020 ​ ​www.intellinews.com