Page 40 - UKRRptNov23

On the import front, September saw an import volume of $5.4bn. Imports from EU countries increased by 17.5%, while Asia saw a 12.3% uptick. Imports from America also recorded an increase of $116mn. In contrast, imports from the CIS countries decreased by 15.7%.
Ukrainian import volumes were twice as large as exports in the first nine months of this year putting more pressure the government resources and undermining the hryvnia, reports the State Customs Service.
Imports into Ukraine reached $46.6bn between January and September, while exports amounted to $27.1bn, leaving a $19.5bn trade deficit. The overall trade turnover for Ukraine in the first nine months was $73.7bn.
Taxed imports constituted a substantial portion of the total import volume, accounting for $38.3bn or 82% during this period.
China emerged as the leading trading partner, with Ukraine importing goods worth $7.4bn from the Asian giant. Poland was second with $4.9bn in imports, and Turkey contributed $3.7bn to Ukraine's imports.
On the export side, Ukraine's largest markets included Poland with $3.7bn in exports, Romania with $3bn, and Turkey with $1.9bn.
Breaking down the composition of imports and machines, equipment, and transport items accounted for the largest share, reaching $14.1bn. Chemical industry products followed at $8.4bn, and fuel and energy products at $7.9bn. These categories represent key sectors that Ukraine relies on for its imports.
Ukraine’s biggest export item was agricultural products worth $16.1bn – mostly grains. Metals and their products also contributed significantly, totalling $3bn, while machines, equipment, and transport items brought in $2.3bn in exports.
5.2 Balance of payments 5.2.1 Import/export dynamics
● Partners & regions
Ukraine plans to enter the markets of more than 60 countries. Currently, the Ministry of Economy, the State Production and Consumer Service, and the Ministry of Foreign Affairs of Ukraine are working to open the markets of 63 countries in almost 200 directions. The goal is to reach consumers in South Korea, Malaysia, Vietnam, Kuwait, Saudi Arabia, Hong Kong, the EU, Canada, China, Oman, Thailand, the Republic of South Africa, Colombia, and Indonesia, among others, said State Secretary of the Ministry of Foreign Affairs Oleksandr Bankov said. "We already have agreements on free trade zones, on various preferences within the framework of regional trade agreements with various countries. This is part of those agreements, and it provides an opportunity to win by opening existing markets for Ukrainian products," the official emphasized. Also, in his opinion, the countries of Africa and Latin America can become promising destinations for Ukrainian exports.
The transit of Ukrainian agricultural products through the western border is only 25% of the potential. According to Dmytro Solomchuk, a member of the Ukrainian Parliament Committee on Agrarian Policy, export volume is less
40 UKRAINE Country Report November 2023 www.intellinews.com