Page 27 - UKRRptJan22

5.2 Balance of payments
Ukraine’s goods trade deficit amounted to $313mn in October declining from a deficit of $357mn in September, the State Statistics Service announced in a preliminary report on December 15. The seasonally adjusted goods deficit increased to $142mn (vs. a deficit of $122mn in September) amid a 1.0% m/m decline of adjusted exports and a 0.6% m/m decline in adjusted imports.
Goods exports increased 36% y/y in October to $6.26bn (vs. a 53% y/y increase in September). The accelerated growth was mostly driven by exports of crop products (57% y/y) and ferrous metals (82% y/y).
Goods imports increased 32% y/y to $6.57bn in October (vs. 41% y/y growth in September). The major contributors to the accelerated growth included energy products (2.2x year-on-year) and chemicals (up 41%).
In 10M21, the goods trade deficit amounted to $2.6bn (vs. a deficit of $3.5bn in 10M20); goods exports increased 37.5 y/y and imports jumped 32.1% y/y.
5.2.1 Import/export dynamics
Ukraine will launch a program to support exports. The Export Credit Agency (ESA) plans to launch a UAH20bn ($741mn) support program for Ukrainian exporters in 2022 together with banks. According to the Chairman of the Board of the Export Credit Agency Ruslan Gashev, the agency also plans
27 UKRAINE Country Report January 2022 www.intellinews.com