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two previous months. He added that the latest changes in the currency policy by the National Bank in May and the uncertainty surrounding the timing for the introduction of new IT specialist booking procedures and their temporary departure for business trips abroad were likely factors in such trends. Vasyuk specified that if critically important issues are not resolved in the coming weeks, the industry’s regression will probably be observed in the next reporting period.
Ukraine's profit from the export of scrap metal decreased by almost 100%. Ukrainian enterprises in January-July 2022 reduced the export of ferrous metal scrap by 3.5 times compared to the same period last year, to 29,160 tons. According to the State Customs Service, the export of scrap metal decreased by 9.9 times to $12.37M. At the same time, in the first seven months of the year, the country reduced the import of scrap in volume terms by 9.5 times - to 155,000 tons. In monetary terms, scrap imports decreased 8.2 times to $3.28M. Scrap imports in January-July were received from Turkey (78.89% in monetary terms), the Russian Federation (14.09%), and Cyprus (5.4%). Exports were delivered to Turkey (60.71%), Poland (12.88%), and Germany (9.53%).
5.2.2 Current account dynamics
Ukraine’s current account switched to a surplus of $1,285mn in July of 2022 from a deficit of $545mn in the corresponding month of the previous year.
The secondary income account surplus rose sharply to $3,548mn from $408mn in July of 2021, as Ukraine continued to receive massive transfers from the EU and several other countries in the world to help cushion the blow of the war on its economy; and the primary income account shifted to a surplus of $951mn compared with a shortfall of $462mn. Meanwhile, the goods account deficit widened to $2,036mn from $786mn and the services account switched to a gap of $1,178mn compared with a surplus of $257mn.
36 UKRAINE Country Report September 2022 www.intellinews.com