Negative balance of foreign trade in goods decreased by 14 times in 2020 – Economy Ministry

Negative balance of foreign trade in goods decreased by 14 times in 2020 – Economy Ministry

Ukrinform
In 2020, the negative balance of foreign trade in goods and services decreased by 14.4 times compared to 2019: from $3.69 billion up to $255.5 million, according to the Ukrainian Ministry of Development of Economy, Trade and Agriculture.

Exports of goods from Ukraine decreased by 1.7% last year and amounted to $49.2 billion. Due to much more significant reduction in imports, the negative balance in trade fell from $10.7 billion up to $4.8 billion. Exports of services last year decreased by 28.5% up to $11.167 billion, the balance of trade in services was positive and amounted to $5,957.9 billion dollars.

Taking into account the State Statistics Committee’s methodology on the subtraction of the cost of services for processing goods for sale abroad, in the joint statistics on goods and services, the total balance amounted to $255.5 million. It is noted that the largest decline in exports occurred in March-May 2020, after which exports stabilized, and there has been a steady increase since August.

“Foreign trade operations were conducted with 234 countries and jurisdictions. The most important indicators are the phenomenal growth of exports of Ukrainian products to Vietnam and China - by 93% and 98%, respectively," Minister of Development of Economy, Trade and Agriculture Ihor Petrashko said.

It is noted that for the first time in several years, exports to the EU decreased by 10.3%. At the same time, Ukraine has the largest negative trade balance with the EU - $4.8 billion.

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