Page 26 - UKRRptJan21

5.1​ External sector overview
Exports tumbled in 2020 due the coronavirus and restrictions on transport. In 2021 exports will grow by 3% y/y, recovering halfway from 2020’s 8% decline.
The big change in October was Russia was back on top as Ukraine’s biggest trade partner for both imports and exports. Ukraine exporter $1.6bn worth of goods to Russia but imported $2.5bn from Russia leaving a $877mn trade deficit.
Trade with China, the former number one, fell heavily. China dropped to sixth biggest trade partner for exports, with $719mn worth of goods, and second for imports with $2.1bn of goods.
Turkey moved up into second place for exports with $1.1bn and ninth for imports with $489mn. Germany remained the eighth biggest market for exports with $595mn and $2.1bn of imports.
Imports will rebound in 2021 by 10.6%, after 2020 expected 16% decrease say analysts.
Low oil prices have saved Ukraine $3bn so far in 2020 as of the end of November​, reports the State Customs Service. Through November, Ukraine oil import bill is down 36%, while the import volume is down only 5.6%. The top three sources of petroleum products are: Russia -- $1.1bn, or 35.9%; Belarus --$1.09bn or 35.4%; and Lithuania -- $360mn, or 12%.
26​ UKRAINE Country Report​ January 2021 ​ ​www.intellinews.com