Ukraine’s trade turnover grew by 12.1% in the first three months of 2021 compared to the same period last year, reaching $28.3 billion, according to the State Customs Service.
Exports are growing: The country has made $13.75 billion from goods and services sold to other countries during the first quarter of 2021 — 12% more than last year.
“The Ukrainian economy is recovering,” Deputy Economy Minister Taras Kachka said on April 1. Kachka said the volume of exports is “increasing” every month. March’s exports, for example, increased by 15.6% compared to February, to $5.2 million.
The growing demand for Ukraine’s ore, ferrous metals (and their price increase) and furniture are some of the factors that contributed to the trade growth.
Ukraine has significantly increased its exports to China and the European Union, as well as to its neighbors, Kachka said. The exports to China grew by 55.3%, to the EU — by 17.9%, and to Poland — by 16% during the first quarter, compared with the numbers from the previous year.
The balance of trade with China and the EU, however, remains negative — the imports from these countries exceed the exports. “We are working to reduce the negative balance,” Kachka said.
But for now, imports have grown in the country.
Foreign merchandise bought by Ukrainians increased to $15 billion during January-March 2021, recording a 12.2% increase in comparison to the same months last year. Kachka said that one of the reasons is the rising cost of foreign fuel. Besides, Ukrainians started buying more cars and raw materials used in production.
The deputy minister said that, since Ukrainians are spending more, the country will collect more taxes, but there will be “more emissions in our cities.”
The total trade turnover in Ukraine was $103 billion in 2020: exports hit $49, and imports — $54.
