Page 25 - UKRRptAug21

5.2 Balance of payments
The goods trade balance switched to a surplus of $164mn from a $154mn deficit in April, while the surplus of trade in services declined to $376mn from $461mn in April.
“The boom in Ukraine’s external trade continues. The export receipts are ballooning amid an incredibly favourable global price situation for iron ore and ferrous metals. The growth of Ukraine’s other export items is also strong, and this is not only the result of the low comparative base of the previous year. Goods imports in money terms in May were lower than the local maximum reached in March,” Evgeniya Akhtyrko of Concorde Capital said in a note.
Goods exports surged 62% year on year (vs. 36% y/y growth in April) to $5.2bn, renewing the previous month’s record-high since 2014. The growth was mostly driven by a surge in exports of mineral products (188% y/y) and ferrous metals (95% y/y). In addition, food exports jumped 29% y/y, exports of chemicals surged 57% y/y and machinery exports advanced 30% y/y.
Goods imports surged 53% y/y to $5bn in May (vs. 52% y/y growth in April). In particular, imports of machinery jumped 50% y/y, chemical imports surged 69% y/y and imports of mineral products advanced 39% y/y. Imports of foods added 39% y/y.
The deficit of Ukraine’s balance of payments amounted to $280mn in April (vs. a $795mn surplus in April).
In 5M21, the deficit of Ukraine’s balance of payments amounted to $446mn (vs. a surplus of $224mn in 5M20).
25 UKRAINE Country Report August 2021 www.intellinews.com