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the same period last year, said Deputy Minister of Economics, Taras Kachka.
Through November, Ukraine’s mining companies have exported 3% less iron ore than last year, but received 79% more money -- $6.6 billion, the State Customs Service reports. Of the 41 million tonnes exported, the top three buyers were: China – 43%; Czech Republic – 10%; and Poland – 8%.
Ukraine’s furniture exports are on track to top $1 billion this year – 43% more than last year, Oksana Donska, board member of the Ukrainian Association of Furniture Manufacturers, told an industry press conference in Kyiv. “Compared to previous periods, this is an absolute record,” she said. “In comparison with neighbouring Poland, with the same forest resources and human capital, this is 14 times less.” Volodymyr Patis, president of the association, said: “In the furniture industry, the quality of the workplace is changing a lot: there is a rethinking, automation. Today, workers have a fairly high salary, which already competes with salaries in Poland.”
Revenue from the export of walnuts fell by 20%. In the last nut season (October 2020 - September 2021), income from walnut exports decreased by 20% compared to the previous season, to $98.6mn. Sales of walnut kernels to Turkey declined by 77%, and unpeeled walnuts by 69%. The change in trade was due to the duty on imports of walnuts, which Turkey has increased from December 31, 2020, to 15%. At the same time, experts say that there is a chance to earn $100mn from nut exports in the new season, reported east-fruit.com.
5.2.2 Current account dynamics
Ukraine’s current account (C/A) switched to a deficit of $417mn in November from a surplus of $106mn in the prior month mostly due to an enlarged goods trade deficit, the National Bank of Ukraine (NBU) reported on December 31.
The goods trade deficit enlarged to $1.2bn from $0.6bn in October, while the surplus of trade in services enlarged to $407mn from $311mn. The primary account switched to a deficit of $9mn from a surplus of $18mn in the prior month. The surplus of the secondary account slid to $400mn from $405mn in October.
In 11M21 the C/A deficit amounted to $1.3bn (vs. a $5.6bn surplus in 11M20).
Goods exports increased 46% y/y in November (vs. 39% y/y growth in October) to $6.3bn. The accelerated growth was mostly driven by a surge in food exports (47% y/y) and exports of ferrous metals (93% y/y). In addition, machinery exports jumped 44% y/y (vs. a 10% y/y decline in October), chemicals exports accelerated to 42% y/y (vs. 29% y/y growth in October). At the same time, the decline in exports of mineral products deepened 15% y/y (vs. 2% y/y decline in October).
Goods imports increased 48% y/y to $7.5bn in November (vs. 37% y/y growth in October). In particular, imports of mineral products surged 2.2 times, chemical imports advanced 50% y/y, and imports of machinery advanced 27% y/y. Food imports picked up 22%.
30 UKRAINE Country Report January 2022 www.intellinews.com