Page 36 - UKRRptDec20

5.2​ Balance of payments, current account
The NBU posts the balance of payments, banking sector and economic activity data. The current account balance has generally been stronger throughout the year, mostly on the back of the surplus in the trade in services.
For goods, China saved the day by increasing its purchases of Ukrainian goods by 86%, to $4.8bn, and cutting its imports by 12%, to $5.8bn​. Overall, Ukraine’s deficit of foreign trade in goods fell to $2.9bn, less than half the level for the first three quarters of last year, $7.2bn. So far, Ukraine’s exports of goods are down 5.6%, to $35bn. Imports of goods are down 14%, to $38bn.
For services, IT helped save the day as Ukraine’s balance of trade in this area showed a $4.4bn surplus​, reports the State Statistics Service. Compared to the first three quarters of last year, exports of services dropped by 12% to $8.15bn, while imports fell by 26.5% to $3.7bn.
Through October, Ukraine’s foreign trade was down 9% y/y, to $82.7bn,
reported the State Customs Service. Imports were down 12%, to $43bn. Exports were down 5%, to $39.6bn. The trade deficit is down, to $3.4bn.
Low oil prices have cut 37% off Ukraine’s oil import bill through October,
compared to the first 10 months of last year, reported the State Customs Service. Ukraine paid $2.8bn for oil imports. The top three sources were: Russia – 36%; Belarus - 35%; and Lithuania -12%. Reflecting the current corona recession, the volume of oil imports is down by 7% this year, to 6.5mn tons. Since June, Brent oil has priced around $40 a barrel, down from the low $60 range in last year.
36​ UKRAINE Country Report​ December 2020 ​ ​www.intellinews.com