National Bank of Ukraine

Balance of Payments Remains in Surplus in May
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27 June 2018

Press Release


In May, the balance of current account was close to zero, same as last year, compared with the surplus of USD 0.2 billion in April due to a widening of the trade in goods deficit.


In January–May, the current account deficit widened to USD 415 million (from USD 308 million over the same period last year).


In May, exports of goods amounted to USD 3.6 billion, that is 13.2% higher than last year.


Favorable external prices supported the growth in exports, however, it slowed down due to the depletion of carry-over stocks of grain and oil crops. As a result, food exports decreased by 3.3% yoy in May.


However, thanks to external prices remaining favorable and the growth in production of certain chemical products, the exports of metallurgical (30.2% yoy) and chemical (49.2% yoy) industries grew rapidly.


In general, exports of goods rose by 11.8% yoy over five months of 2018 and amounted to USD 17.8 billion.


Imports of goods reached USD 4.6 billion in May.  Compared with May 2017, imports increased by 15.5% on the back of higher energy prices and a sustainable domestic demand growth.


Due to the rise in global oil prices, the import value rose by 42.3% yoy for oil products and by 8.4% yoy for natural gas. High domestic demand fueled imports of mechanical engineering products by 17.8% yoy.


In total, imports of goods grew by 14.3% yoy in January–May to reach USD 21.1 billion.


Net financial account inflows amounted to USD 307 million in May (compared with USD 339 million in May 2017) and were generated by the private sector (both banks and real sector). As the state was making repayments on hryvnia domestic government bonds held by non-residents and repayments of loans, the net outflows from public sector operations reached USD 113 million.


Foreign direct investments remained at the level of previous months (USD 150 million), but over half of their total volume was channeled to the banking sector via debt-to-equity transactions.


In January–May 2018, net FDI inflows amounted to USD 719 million.


Net financial account inflows totaled USD 701 million in January–May.


 In May, the balance of payments recorded a surplus of USD 266 million. At the same time, due to payments to the IMF, international reserves decreased by 1.6% to USD 18.2 billion as of early June, covering 3.2 months of future imports.



The updated data for May 2018 are available under the External Sector Statistics section.


For more details on the balance of payments, see the Macroeconomic and Monetary Review (June 2018) published on 27 June 2018.



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