2024-09-06T12:33:00+03:00 Economy 2024-09-22T04:00:02+03:00

Ukrainian news

Deficit of current account of balance of payments amounts to USD 2.2 billion in July

Deficit of current account of balance of payments amounts to USD 2.2 billion in July

In July, the deficit of the current account of the balance of payments amounted to USD 2.2 billion (in July 2023 - USD 0.9 billion).

This follows from a statement by the National Bank of Ukraine (NBU), Ukrainian News Agency reports.

The widening of the current account deficit is due to the lack of grant aid from international partners, while maintaining a negative balance of trade in goods and services at the level of July last year.

Excluding reinvested income and grants from international partners, the current account deficit amounted to USD 2.2 billion (in July 2023 - USD 1.8 billion).

In the first seven months of 2024, the current account deficit amounted to USD 10.9 billion (in the first seven months of 2023 - USD 2.7 billion).

Excluding reinvested income and grants from international partners, the deficit amounted to USD 10.3 billion (in the first seven months of 2023 - USD 8.9 billion).

The export of goods increased by 28.9% (in June 2024, it decreased by 2.5%), and their import increased by 14.4% (in June 2024, it increased by 7.6%).

Compared to the previous month, the exports and import of goods increased by 6.6% and 7.9% respectively.

The volume of exports of goods amounted to USD 2.9 billion.

Exports increased primarily due to food products (by 35.8%, compared to June increased by 9.9%) due to the export of grain crops (increased 1.7 times) and oilseeds (1.9 times), as well as products metallurgy (by 34.7%, compared to June it increased by 10.8%).

The volume of imports of goods amounted to USD 6.0 billion.

Energy imports increased by 43.1% (by June - increased by 7.1%), mainly due to the increase in imports of electricity and oil products.

In turn, non-energy imports increased by 10.6% (by June - increased by 8.1%).

The balance of payments in July was reduced to a deficit of USD 2.9 billion (in July 2023, the surplus was USD 2.6 billion).

The net income from the IMF within the framework of the Extended Fund Facility program for Ukraine (EFF) amounted to SDR 1,669.8 million (USD 2,197 million equivalent).

As of August 1, 2024, the volume of international reserves amounted to USD 37.2 billion, which provides financing for imports for the future period of 4.8 months.

As Ukrainian News Agency earlier reported, the current account deficit of the balance of payments in 2023 amounted to USD 9.8 billion (5.5% of GDP) compared to a surplus of USD 8.0 billion (5.0% of GDP) in 2022.

In 2023, the consolidated balance of payments was formed with a surplus of USD 9.5 billion (in 2022, the deficit was USD 2.9 billion).

The balance of payments current account surplus was USD 8.6 billion (5.8% of GDP) in 2022, compared with a deficit of USD 3.9 billion (1.9% of GDP) in 2021.

In general, for 2022, the consolidated balance of payments was formed with a deficit of USD 2.9 billion (in 2021, the surplus was USD 487 million).