In 2015, the country's balance of payments returned to a surplus position, reversing from a deficit.   The balance of payments surplus amounted to USD 849 million versus a deficit of USD 13.3 billion in 2014.    The balance of payments last showed a surplus in 2010.

The balance of payments surplus resulted from the shrinkage in the current account deficit, which hit a record low for the first time since 2005.  In 2014, the current account deficit stood at USD 4.6 billion (or 3.5% of GDP). In 2015, the deficit narrowed to USD 204 million (0.2% of GDP).

A deeper decline in imports (by 33.5%)  than in exports (30.5%) led to an improvement in the balance of payments.

Adverse world price developments for steel and agricultural commodities and new trade restrictions imposed by the Russian Federation weighed on export performance. The deepest decline was recorded in machinery exports, exports of metallurgical and chemical products.   The contraction in exports  was partly offset by lower energy prices and natural gas imports, as well as a high crop of some grains (e.g., wheat). The deepest decline was recorded in food, machinery and energy imports.  

Ukraine posted weaker merchandise exports and imports data broken down by regions.    In particular, both imports and exports with the Russian Federation and EU partners contracted.

The financial account surplus also contributed to the improvement of the balance of payments. The net borrowings in the financial account amounted to USD 488 million, which was primarily attributed to official financing from international partners.

The net inflows of foreign direct investment (FDI) of USD 3.1 billion were yet another contributing factor to the financial account surplus.   The two-thirds of FDI flows fell on the banking sector and reflected operations  involving the injection of capital into subsidiaries undertaken by parent banks.   

The balance of payments surplus coupled with receipt of funds from the IMF have caused Ukraine’s international reserves to rise to USD 13.3 billion, which  is sufficient to  cover 3.4 months of future imports.