Ukraine will redirect trade from Russia to the EU
Moscow - Kyiv, May 16 (Navigator, Mikhail Stamm) - The EU's share in exports increased from 28,8% in January-March 2013 to 34,8% this year. Russia's share, on the contrary, has already decreased from 23,6% to 19,2%, and since the beginning of the year, the volume of exports of Ukrainian goods to the Russian Federation has fallen by 24,4%.
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In the first quarter, the State Statistics Service of Ukraine recorded a surplus in the foreign trade balance for the first time in the last eight years. The improvement in the balance was affected by a sharp drop in merchandise imports by 20,5%, while exports decreased by 6,9%. After the devaluation of the hryvnia, Ukrainian consumers simply had nothing to buy imported goods with. The trade balance deficit eventually decreased by more than 50 times - from $2,7 billion to $50 million.
Data for the first quarter also reflected the redistribution of trade flows: the EU share in exports increased from 28,8% in January-March 2013 to 34,8% this year (mainly due to an increase in supplies to Poland by 20%, in Netherlands by 60%).
Russia's share, on the contrary, has already decreased from 23,6% to 19,2%, and since the beginning of the year, the volume of exports of Ukrainian goods to the Russian Federation has fallen by 24,4%. The biggest decrease was in the supply of vehicles (by 49,7%), chemical products (by 30%), metals and ferrous metals (by 7,7% and 2,5%). It should be noted that in total, supplies of ore and metal products account for 53% of Ukrainian exports.
Partially, the reduction in turnover with the Russian Federation compensated for the increase in supplies of grain (by 24%), ferroalloys (by 40%) and petroleum products (by 18%) to the EU countries, China and Egypt. At the same time, despite the reduction in imports from the Russian Federation by 26%, Russia remains the largest importer (with a share of 28,2%, with 35,1% in total for EU countries) - mainly due to the supply of energy resources, engineering products and fertilizers. The trade balance with the Russian Federation remains negative at -$1,3 billion.
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