You're reading: Ukraine’s foreign trade deficit widens

The deficit of Ukraine's foreign trade in goods from January through July 2011 was estimated at $6.666 billion, which was two-times higher than the deficit in January-July 2010, according to the Ukrainian State Statistics Service.

Exports of goods from Ukraine grew by 40% in the first seven months of 2010, to $38.209 billion, while imports of goods rose by 46.7%, to $44.875 billion, the service reported on Monday.

The ratio of the coverage of imports by export was 0.85, whereas the figure was 0.89 in January-June 2010.

The deficit of Ukraine’s foreign trade in goods in July 2011 alone stood at $1.156 billion.

The pace of year-over-year growth in the first seven months of 2011 slowed both in exports and imports: Exports grew by 40%, while imports grew by 46.7%, whereas the growth of exports in the first six months of 2011 was 42.5%, and that of imports 50.8%.

Ukraine traded with 213 countries and regions over the period under review.

As reported, the deficit of foreign trade in goods in 2010 was estimated at $9.309 billion, which was 62.3% up on 2009. Last year exports grew by 29.6%, to $51.431 billion, while imports rose by 33.7%, to $60.740 billion.

Exports to the CIS countries January through July 2011 accounted for 37.7% of overall exports, those to Europe for 29.2% (including 28.5% to the European Union alone), Asia for 24.7%, Africa for 4.3%, and the Americas for 3.9%.

The largest amounts of exports were shipped to Russia (28.8% of overall exports from Ukraine), Turkey (5.9%), Italy (5.2%), Poland (4.4%), China and Belarus (2.9% each), and India (2.8%).

Imports from the CIS countries accounted for 46.6% of overall imports, from Europe for 31.7% (including 30.3% from European Union countries), from Asia for 15.3%, the Americas for 5%, Africa for 1.2%, Australia and Oceania for 0.2%.

The largest batches of goods were imported to Ukraine from Russia (37.9% of overall imports), Germany (7.9%), China (7.2%), Belarus (4.4%), Poland (3.8%), the United States (3.3%), and Italy (2.3%).

Imports from Belarus January through July 2011 grew most year-over-year – by 71.9%, those from the United States increased by 65.7%, from Germany by 59%, Russia by 51.8%, Italy by 45.6%, China by 41.1%, and Poland by 18.7%.