In particular, the decline in exports of services primarily led to a significant reduction in the provision of transport services.
Exports of goods from Ukraine in March 2022 decreased by 52.4% compared to March 2021 (y/y), while in February 2022 increased by 22.3% y/y p. Imports of goods in March this year decreased by 65.2% yoy (in February 2022 increased by 27.1% yoy). These data were published on April 29 by the National Bank of Ukraine . >
Export situation
The deficit in trade in services amounted to $ 502 million. US (in March 2021 there was a surplus of 343 million US dollars). Exports of services decreased by 18.8% yoy, while imports of services increased 1.6 times yoy. The decline in exports of services primarily led to a significant reduction in the provision of transport services (by 41% yoy).
Exports of other business services (by 23.4% yoy) and services for the processing of material resources owned by others also decreased parties (by 42.5% y/y).
The decline in exports of computer services was 4.4% yoy, but compared to February (when exports of this category of services were a record for the entire observation period) – 37.8%.
Read also: Bulgarian Prime Minister after talks with Zelensky: We are ready to promote electricity exports from Ukraine
Import situation
The main factor in the growth of imports of services was the costs of people who went abroad due to the war and short-term migrants (an increase of 3.2 times). On the other hand, imports of transport services (by 65.6%) and all other services (by 84.9%) decreased significantly.
The current account surplus of the balance of payments in March 2022 amounted to 1.4 billion dollars. US (in March last year, the deficit was 790 million US dollars).
On the one hand, Russia's full-scale invasion of Ukraine has led to a significant decline in imports of goods compared to their exports, and on the other hand, has led to an increase in secondary incomes from humanitarian aid. For the first quarter of 2022, the current account surplus amounted to 2.5 billion dollars. US (in the I quarter of 2021 the deficit was 0.5 billion US dollars). Excluding reinvested earnings, the surplus was $ 3.1 billion. (For three months of 2021 – 1.3 billion US dollars).
Russia's large-scale aggressive war has significantly affected the economy our country, in particular its agricultural sector. According to the Ministry of Agrarian Policy, due to the war, the area under arable land in 2022 decreased by 3.5 million hectares in the zone of active hostilities. However, the aggressor did not and will not be able to stop the work of agribusiness in Ukraine. And it's not just words, because a lot has already been done for the sustainability of agribusiness in wartime. Read more in the article Bohdan Yaskiv and Margarita Bryanska “How agrarian business works in wartime” .
