2023-12-05T13:37:00+02:00 Economy 2024-09-15T04:53:17+03:00

Ukrainian news

Deficit of current account’s balance of payments makes USD 0.9 billion in October

Deficit of current account’s balance of payments makes USD 0.9 billion in October

The deficit of the current account of the balance of payments in October 2023 made USD 0.9 billion (in October 2022, it was USD 0.5 billion).

This is evidenced by National Bank of Ukraine data, Ukrainian News Agency reports.

The expansion of the deficit is due to a significant increase in the negative balance of foreign trade in goods (both due to a decrease in export volumes and an increase in imports), which was partially compensated by a decrease in the negative balance of trade in services and larger amounts of grant aid from international partners.

In the ten months of 2023, the current account deficit was USD 6.3 billion (in the first ten months of 2022, the surplus was USD 7.3 billion).

Excluding reinvested income and grants from international partners, the deficit amounted to USD 14.9 billion (for the ten months of 2022 - USD 2.9 billion).

The export of goods decreased by 28.0%, while their import increased by 14.7%.

Compared to the previous month, the export and import of goods increased by 0.9% and 3.2%, respectively.

The volume of the exports of goods amounted to USD 2.6 billion.

The volume of import of goods amounted to USD 5.5 billion.

Energy imports decreased by 11.0% (decreased by 7.8% compared to September) mainly due to the decrease in import of petroleum products; non-energy - increased by 20.5% (increased by 5.3% compared to September).

In October, the balance of payments deficit amounted to USD 767 million (a small surplus of USD 47 million was formed in October 2022).

The planned repayment of the debt to the IMF amounted to USD 80 million.

International reserves as of late October decreased to USD 39.0 billion, which provides financing of imports for the future period for 5.2 months.

As Ukrainian News Agency earlier reported, the balance of payments current account surplus in 2022 was USD 8.6 billion (5.8% of GDP) compared to 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).