Page 31 - UKRRptDec22

5.0 External Sector & Trade 5.1 Balance of payments
In October, Ukraine’s payment balance was consolidated with a surplus of $47M. The surplus of Ukraine’s consolidated balance of payments for October 2022 is $47M, according to data from the National Bank. At the same time, the October deficit for the payment account in October is $693M, which is 8.7 times more than the deficit of $80M in October last year. Export and import of goods decreased by 38.7% and 22.7%, respectively, during the first 10 months of the year. The monthly export figures fell by 7.8%, while imports, on the contrary, increased by 5%. The NBU estimated the net inflow of foreign direct investment at $111M, while in October of the previous year, this figure was $537M
Ukraine spent $7B more on imports than it received from exports. For the first ten months of the year, Ukraine imported goods worth $44.1B and exported $36.9B, the State Customs Service reported. Merchandise turnover during this period amounted to $81B. Ukraine bought the most goods from China for $6.6B, Poland for $4.4B, and Germany for $3.7B. Exports from Ukraine mainly were to Poland for $5.7B, Romania for $3B, and Turkey for $2.4B. The following categories of goods were most imported to Ukraine: machinery, equipment, and transport - $12.3B, fuel and energy products - $10.6B, and chemical industry products - $8B. And the export leaders: food products for $18.5B, metals and metallurgical products for $5.4B, as well as machines, equipment, and transport - $3.6B.
5.2.1 Import/export dynamics
Since the beginning of the year, most Ukrainian exports have been directed to the EU. During January-October 2022, 63% of Ukrainian exports were directed to EU countries, many of them to the central and eastern regions, as reported by the Office for the Development of Entrepreneurship and Export. During the first 10 months of 2022, 63% of all Ukrainian exports were shipped to EU countries, which is 7.3% more than in 2021. Growth increased due to exports to Central and Eastern European countries such as Poland, Romania, Hungary, Slovakia, and Bulgaria. At the same time, exports to Western European countries fell significantly, including those to Germany by 20%, the Netherlands by 26%, and Italy by 52%. The export of Ukrainian products to Asian countries also suffered a significant 57% reduction of pre-war indicators. The largest trade partners of Ukraine in the region are Turkey and China, which account for more than 54% of total exports.
Exports of goods from Ukraine have fallen by 32% and imports by almost 24%. In October, Ukraine exported goods worth $3.8B and imported $4.6B. Compared to last year, exports of goods fell by 32.3% and imports by 23.9% during the same period. In January-October, the total volume of foreign trade in goods amounted to $80.3B, of which $36.9B accounted for exports and $43.4B for imports, announced Deputy Minister of Economy Taras Kachka. The export value amounted to $3.8B, which is 8.2% less than in September. This was due to decreased export volumes and world prices for food and industrial goods. On the other hand, imports increased by 2.6% to $4.6B,
31 UKRAINE Country Report December 2022 www.intellinews.com