Ukraine 2021 goods trade deficit reaches USD 4.7 bln

15 February 2022

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.