Page 31 - UKRRptNov19

5.2.1 Import/export dynamics
External 2007 2008 2009 2010 2011 2012 2013 2014 balance
2015 2016
2017 2018 E F
Exports (US$bn) 61.4 82.5 52.1 65.6 83.7 86.5 81.7 65.4 47.6 44.9 60.2 60.8
Imports (US$bn) 69.5 96.8 54 69.6 93.8 100.9 97.4 70 49 50.3 54.6 57.2
Trade balance -8.1 -14.4 -2 -4 -10.1 -14.3 -15.6 -4.6 -1.5 -2.9 -5.3 -6.4 (US$bn)
Trade balance -5.7 -7.8 -1.7 -2.9 -6.2 -8.2 -8.7 -3.5 -1.6 -5.8 -4.4 -5.9 (% of GDP)
Source: ICU
There were more dramatic changes in Ukraine’s trade patterns over the first eight months of this year as China overtook Poland to become both Ukraine’s biggest export destination and its biggest source of imports.
It was only in April when Poland displaced Russia to become Ukraine’s largest export market where it sold $1.1bn worth of cumulative of goods between January and April and imported $1.3bn of goods from Poland over the same period – a modest trade deficit.
Although Russia fell into second place in terms of exports from Ukraine, it remained the biggest partner in terms of exports from Russia into Ukraine, selling a cumulative $1.8bn in the first four months of the year and leaving Ukraine with a sizable trade deficit of around $800mn for the period.
31 UKRAINE Country Report November 2019 www.intellinews.com