RoboForex analyst: Ukrainian exports fell by more than 40% in January-February 2023
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According to the State Statistics Service of Ukraine, the balance of foreign trade (the difference between export and import volumes) remains negative and amounts to 3.71 billion US dollars.
This indicator increased by 243.52% compared to the same period in 2022. This shows that the military conflict significantly reduced Ukraine’s export potential. Even the coronavirus pandemic could not cause such devastating damage to the economy of our country. Large-scale attacks on the energy infrastructure only aggravated the current state of affairs, since exporters are one of the main consumers of electricity. Additional difficulties with sales of agricultural products in the countries of Eastern Europe may affect the results of the six months. This was reported by Andrey Goilov, RoboForex analyst.
The monthly dynamics of Ukraine’s exports is presented in the diagram below.
Exports of Ukraine for January-February 2022/2023 (billion US dollars). Source: Ministry of Economy of Ukraine.
Since the beginning of the year, Ukraine’s exports have decreased by 42.83% compared to the same period in 2022 — to 6.46 billion US dollars. In February, our country exported products in the amount of 3.33 billion dollars — growth by January was 6.39%. The reasons for this were both a decrease in export volumes and a decrease in world prices for food and industrial goods. The largest decline is observed in metallurgy, although the situation among farmers remains quite stable.
Imports of Ukraine for January-February 2022/2023 (billion USD). Source: Ministry of Economy of Ukraine
In January-February of this year, Ukraine’s imports decreased by 17.85% compared to the same period last year, to 10.17 billion US dollars. Ukrainian imports in February grew by 1.79% to 5.13 billion dollars. In total, according to the results of 2 months of 2023, the total trade turnover amounted to 16.63 billion US dollars. The drop compared to the same period in 2022 was 29.77%. Trade was conducted with more than 200 countries.
On the cash foreign exchange market, the hryvnia against the US dollar strengthened below the level of 38.00, and the euro reached the level of 40.80. Statistics show that the regulator spends very significant funds on maintaining the exchange rate of the Ukrainian national currency. Problems with the export of agricultural products only aggravate the situation, as the revenue in foreign currencies decreases.
Source: Ministry of Finance
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