1Q Foreign Trade Balance Totals USD860 Mn

Exports increased by 16.8% yoy to USD8.4 bn, while imports grew by 18.5% yoy to USD7.5 bn. Concorde Capital: Since the beginning of the year, imports steadily accelerated their growth tempo, as expected. As a result, the monthly foreign trade balance continuously shrank, falling from USD680 mln in January to USD235 mn in February. In March, imports exceeded export revenues by 1.7% resulting in a monthly negative balance of ~USD58 mn. Importers substantially benefited from the hryvnia?s recent appreciation, a reduction in import duties and custom?s reform.