Ukraine 2021 goods trade deficit reaches USD 4.7 bln

Ukraine’s goods trade deficit in 2021 amounted to USD
4.7 bln shrinking from USD 5.1 bln in the previous year, the State Statistics
Service reported on Feb. 14. Goods exports reached USD 68.1 bln, surging 38.4%
yoy, while imports amounted to USD 72.8 bln, jumping 34.0% yoy.

The leaders of export growth in 2021 were ferrous
metals (81% yoy), mineral products (28% yoy), and grains (31%). The biggest
contributors to imports growth were energy products (80% yoy) and chemicals
(33% yoy).

In December alone, the goods trade deficit enlarged to
USD 1.1 bln from USD 0.93 bln in the prior month. The seasonally adjusted goods
trade deficit amounted to USD 354 mln amid 0.5% m/m growth in adjusted exports
and 1.9% m/m decline in adjusted imports.

Evgeniya Akhtyrko: The boom of
commodity prices at the global markets helped Ukraine to come up with a
relatively low goods trade deficit in 2021. In particular, the high global
prices for iron ore, ferrous metals and grains resulted in a higher growth pace
of exports than imports, which also picked up significantly amid the surge of
prices for energy resources and chemicals.

In 2022, goods trade deficit will enlarge as
exports of goods will decline amid the stabilization of the world prices of
major items of Ukraine’s goods export, while goods imports will continue to
grow, spurred mostly by energy resources. We expect that the 2022 goods trade
deficit (according to UkrStat methodology) will swell to USD 10.5 bln.