16:01 31.01.2018

Surplus of Ukraine's balance of payments doubles in 2017

Surplus of Ukraine's balance of payments doubles in 2017

The surplus of Ukraine's balance of payment in 2017 doubled compared with 2016, reaching $2.566 billion ($1.346 billion in 2016), according to preliminary data posted on the official website of the National Bank of Ukraine (NBU).

According to the central bank, the current account deficit for the past year increased by 11.16%, to $3.835 billion, which was caused by the negative impact of suspension of trade with the uncontrolled territories and lower than expected crop yields.

At the same time, the National Bank clarifies that the EU remains the largest trading partner of Ukraine, the share of which in total exports of goods for 2017 in comparison with 2016 rose to 35.4% from 31.9%, in total imports to 37.4% from 36.9%. The total trade turnover with the EU countries grew by 26.5%, to $32.458 billion, in particular exports by 31.9%, to $14.106 billion and imports by 22.7%, to $18.352 billion.

In 2017, trade turnover with Russia rose by 28.9%, to $10.543 billion, in particular exports by 10%, to $3.375 billion and imports by 40.3%, to $7.168 billion due to imports of coal, oil products and fertilizers.

Total exports of goods for the past year were up by 18.82%, to $39.876 billion, imports by 21.07%, to $49.034 billion.

The NBU also notes that last year exports of services increased significantly - by 13.11%, to $14.080 billion, primarily due to IT services, pipeline and air transportation services. Imports of services also rose by 7.23%, to $11.77 billion due to a significant increase in imports of transportation services and Ukrainians' increased spending on "travelling."

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