Last year, the lack of goods and services expanded significantly due to a significant decrease in exports and significant spending by Ukrainian citizens abroad.
By the end of 2022, the aggregate balance of payments of Ukraine was formed with a deficit of $2.9 billion, while in 2021 the surplus reached $487 million. This was stated in the analysis of the balance of payments of the National Bank on Wednesday, March 22.
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It indicates that Ukraine’s current account surplus of the balance of payments in 2022 reached $8.0 billion (5.4% of GDP) compared to a deficit of $3.9 billion (1.9% of GDP) in 2021.
This surplus was generated mainly due to the receipt of grants from international partners and the reduction in investment income payments.
“At the same time, the lack of goods and services has significantly expanded due to a significant decrease in exports compared to imports and significant expenses of Ukrainian citizens abroad,” the report said.
According to the NBU, excluding reinvested income and grants, the current account deficit reached $6.0 billion, or 4.0% of GDP (for 2021, the surplus will be $1.0 billion, or 0.5% of GDP).
The deficit in trade in goods and services widened to $25.9 billion from $2.7 billion in 2021. Exports of goods were more affected by the war than imports, mainly due to lower production problems and logistics, which decreased by 30% (increased by 34.3% in 2021), while imports decreased by only 1.4% (increased in 2021). of 33% , 4%).
Export of goods decreased by 35.2% and reached $40.9 billion. The main reasons behind the decrease are the decrease in exports of ferrous and non-ferrous metals (by 62.6%) and food products (by 15.5%).
Imports of goods decreased by 19.4% and reached $56.2 billion. Energy imports decreased by 8.9%, mainly due to the volume of imports of natural gas and coal, which more than halved. At the same time, imports of petroleum products increased significantly (63.0%), especially in the second half of the year, in particular, to meet the needs of autonomous energy.
The trade deficit in services in 2022 reached $10.7 billion (compared to a $4.0 billion surplus in 2021): exports of services decreased by 12.4%, while imports increased by 1.9 times . Imports of services increased due to the costs of people who went abroad due to the war and short-term migrants (increased 3.2 times – up to $19.8 billion), as well as due to the growth of imports of services provided within the framework of technical assistance (in 2.9 times).
The volume of private remittances decreased by 9.0% in 2022 and reached $12.8 billion.
Capital outflow from the financial account (net lending) was $11.1 billion (compared to a net inflow of $4.4 billion in 2021): a significant outflow from the private sector ($24.2 billion) was partially offset by inflows to the public sector.
Net inflows from public sector operations reached $13.2 billion (2021: $1.2 billion) driven by $14.7 billion in loans from international partners.
The net inflow of foreign direct investment in 2022 reached $504 million (in 2021 – $7.5 billion).
Earlier, it became known that by 2022 the size of Ukraine’s total external debt will increase to $132 billion. Relative to GDP, the volume of debt increased throughout the year from 64.6% to 89.0%.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.