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in the prior month amid a reduced deficit of income from investment.
In 10M20, the current account surplus amounted to $5.1bn (vs. a $6.2bn deficit in 10M19).
The fall in goods imports accelerated to 19.6% y/y (as imports amounted to $4.7bn) in October after a 16.2% y/y plunge in September. In particular, the decline in machinery imports accelerated to 17.9% y/y from 6.5% y/y in September. Imports of energy products dropped 50.7% y/y (vs. 51.9% y/y in September). At the same time, imports of chemicals advanced 5.3% y/y from 3.0% y/y in September. Food imports advanced 11.0% y/y (vs. 13.9% y/y growth in September). In 10M20, goods imports dropped 17.5% y/y.
October’s exports were up 1.3% y/y and up 10.4% over September, Taras Kachka, deputy minister of Economic Development, Trade and Agriculture, writes on Facebook. October’s exports of $4.7bn reduced fall in exports for the first 10 months of this year to 4.8%. With imports down by 12.2% this year, Ukraine’s 10-month trade deficit has been cut in half year over year, to $4bn.
Goods exports slid 0.1% y/y to $4.2bn in October after advancing 1.5% y/y in September. In particular, the decline in food exports intensified to 6.5% y/y (from a 2.6% y/y decline in September). At the same time, exports of mineral products surged 61.4% y/y (from 24.3% y/y growth in September). The decline of ferrous metals exports slowed to 2.1% y/y (vs. a 4.5% y/y drop in September). In 10M20, goods exports declined 5.2% y/y.
The financial account deficit amounted to $1.2bn in October (vs. a $1.8bn deficit in September). The net outflow related to the government sector amounted to $174mn, including the net payments to nonresidents on local bonds of $147mn. The volume of cash foreign currency outside the banking system swelled by $529mn. Net outflow under trade loans amounted to $256mn.
Ukraine’s balance of payments deficit amounted to $0.3bn in October (vs. a $2.0mn deficit in September). In 10M20, the balance of payments deficit amounted to $0.8bn (vs. a $2.1bn surplus in 10M19).
34 UKRAINE Country Report December 2020 www.intellinews.com
