Ukraine’s foreign trade in goods declined by 1% in January–March

According to the customs statistics, the volume of foreign trade in goods in January–March 2020 declined by 1% to $25.7 billion compared to the same period of 2019 with a negative balance of $1.2 billion.

Specifically, exports of goods from Ukraine in Q1 remained virtually unchanged compared to the same period of the previous year and amounted to $12.25 billion. Imports fell by 2% to $13.4 billion.

Over the first three months, revenue of Ukrainian steelmaking companies from exports of ferrous metals dropped by 14.8% to $2.057 billion against Q1 last year. The share of ferrous metals in the structure of foreign currency earnings of the country was 16.79%.

In Q1 2020, Ukraine’s mining companies increased iron ore exports revenue by 16.7% to $881.7 million compared to the same period of the previous year.

The volume of foreign trade in goods in January–February 2020 declined by 2% to $8.1 billion compared to the same period of 2019. Imports dropped by 3% to $8.5 billion. Negative balance amounted to $423 million.

In late March, the Cabinet of Ministers of Ukraine updated its economic forecast for 2020. The government expects a 5.5% decline in exports of goods and services to $59.9 billion, and a 10% decrease in imports of goods and services to $68.2 billion at year end.