According to preliminary data, in July 2017, the current account deficit of the balance of payments rose to $594 million ($518 million) primarily in connection with the increase in the deficit of foreign trade in goods. This is the official website of the National Bank of Ukraine (NBU).
In January–July 2017 the current account deficit was $2.2 billion, $0.8 billion higher than the figures of the corresponding period last year.
The NBU said the volume of exports of goods from Ukraine in July decreased slightly compared to June and amounted to $2.9 billion Decline in exports is mainly due to the low volumes of supply of grain crops due to the late start of harvesting campaign this year.
In annual terms, the export growth in July slowed to 9.9% (from 13.6% in June).
«This is primarily due to more moderate growth rates of exports of ferrous and non-ferrous metals – 1.9% (from 15.1% in June) and reducing the supply of chemical products (17%)», – reports the website of the regulator.
The decrease in the volume of supply of grain did not affect the growth rate of exports of food products (11%) due to the growth of export of oil and other food products. Also, the accelerated growth of exports of engineering products (to 35.7%).
In the first seven months exports of goods grew by 22.6% (in the corresponding period last year decreased by 11.7%). The largest trading partners of Ukraine are the EU countries, whose share in total exports of goods increased to 34.9%.
Imports of goods in July increased to $4 billion In annual terms the growth rate of imports continued to decelerate (to 22% from 30.1% in June).
The NBU noted that the increase of volumes of purchases of energy in July led to the preservation of high growth of energy imports (60.6 percent). The growth of imports of non-energy goods (13.8%) driven by increased volumes of imports of machine building products (by 28.6%) and chemical industry (16.7%).
In January–July, imports of goods increased by 23.9 percent compared to the corresponding period last year. Most have increased the supply of goods to Ukraine from EU countries – by 29.4%, to $2.3 billion, and the share of EU countries in total imports of goods in Ukraine increased to 38%.
Also in July, significantly decreased net income in the financial account (up to $302 million) as a result of redemption of government bonds, Treasury bonds denominated in foreign currency.
Net inflow of direct foreign investments amounted to $137 million, 98% of which was directed to the real sector. In General, during seven months of the year the net inflow of foreign direct investments in Ukraine estimated at $1.3 billion, $1.1 billion less than in the corresponding period last year.
The balance of payments of Ukraine in July deficit of $285 million, However, due to the emergence of a substantial surplus in the second quarter in the first seven months of the year the surplus of the consolidated balance of payments amounted to $764 million (over the same period last year – $517 million).
The volume of international reserves of Ukraine as of August 1, 2017, totaled $17.8 billion, providing import financing for the future period of 3.6 months.
The national Bank said that in July the current account deficit of the balance of payments in Ukraine rose to $594 million 31.08.2017