Ukraine reduces foreign trade balance deficit

The State Statistics Committee has reported foreign trade data for January-August 2013, during which time exports stood at 41.1 billion USD and imports at 48.5 billion USD, the Information-analytical Bulletin of the Cabinet of Ministers of Ukraine reads.

In August 2013, exports and imports of goods have not changed against July 2013 and were equal to, respectively, 5.2 billion USD and 6.78 billion USD.

The negative balance in August 2013, compared with July, was also virtually unchanged — 1.57 billion USD (in July 2013 — minus 1.56 billion USD). From last year, exports were 90.9%, import — 87.6%. Experts say in the eight months of 2013, the negative balance is down 2.71 billion USD, year-on-year. In 2013, it is 7.4 billion USD (in January-August 2012 — minus 10.11 billion USD).

The largest share in Ukrainian exports is accounted for by ferrous metals and their products. They are 27.9% (in January-August their exports were 11.45 billion USD).

The largest Ukrainian export item is machine and instrument building (ground-based transport, aircrafts, water transport, machines, plant and equipment, electric equipment). 

The exports of these products totaled 6.87 billion USD, or 16.7% of the total Ukrainian exports for the eight months of 2013.

Experts note that the largest export supplies were made to the Russian Federation — 

24.6% of total exports (ferrous metals, mechanical machines, railway locomotives), 

Turkey — 6.1% (ferrous metals, fertilizers, fats and oils of animal or vegetable origin), China 

–4.4% (ores, slag and ash, fats and oils of animal or vegetable origin, mechanical machines), 

Poland — 3.9% (ferrous metals, ores, slag and ash, electric cars), Italy — 3.8% (ferrous metals, grains, seeds and fruits of oleaginous plants), Kazakhstan — 3.7% (ferrous metals, railway locomotives, mechanical machines) and Egypt — 3.4% (ferrous metals, grains, fats and oils of animal or vegetable origin).

Ukrainian exports by country have also increased, including to China — up 46.4%, Turkey up 2.3%, Italy up 1.8%. Exports to some countries decreased: Egypt down 17.5%, Russian Federation down 13.8%, Kazakhstan down 11.1%, and Poland — down 8.4%.