In Ukraine, imports exceed exports by $11 billion in six months

In the first half of 2023, Ukraine faced a significant gap between exports and imports, with imports exceeding exports by $11 billion, four times higher than last year. This unfavorable trend was announced by the State Statistics Service.

During the first half of 2023, Ukraine exported goods totaling $19.4 billion, which is 14.3% less than in the same period of the previous year. It is important to note that this period includes almost two months before the declaration of martial law in Ukraine.

At the same time, the volume of imports in the first half of the year amounted to $30.4 billion. During this period, imports of goods increased by 20.7% in monetary terms compared to the same first half of 2022.

This imbalance between exports and imports resulted in a negative trade balance of $11 billion, which is four times higher than in the same period last year. The import-export coverage ratio amounted to 0.64, compared to 0.9 in the previous year.

By product category, Ukraine's largest exporters are products of plant origin, in particular cereals (worth $6.7 billion), fats and oils ($2.9 billion), and non-precious metals, in particular ferrous metals ($2.1 billion).

Among the main imports to Ukraine, the largest imports are fuels ($5.8 billion), machinery and electrical equipment ($5.2 billion), chemicals ($3.8 billion), and vehicles ($3.3 billion).