The deficit of Ukraine`s foreign trade in goods January through March 2016 grew by 40.7% year-over-year, to $1.6 billion, according to the National Bank of Ukraine (NBU).
Exports in the first three months of 2016 amounted to $7.05 billion, which was 19.9% down year-over-year, while imports shrank by 13.1%, to $8.614 billion, the NBU said.
At the same time, the deficit of trade in goods in March 2016 alone contracted due to the ongoing resumption of exports against the backdrop of a decline in energy imports.
Goods exports grew by 2.5% in March 2016, if measured in seasonal correlation, due to a rise in food shipments and an increase in orders placed at Ukrainian machine-building enterprises.
Food exports in March 2016 rose by 9.4%. In particular, grain exports were 19% up. The highest growth was demonstrated by maize exports to China due to allocated grain import quotas and successful certification of some Ukrainian farm producers. What is more, wheat exports to Thailand and Bangladesh were also on the rise, as the two countries became the largest consumers of Ukrainian wheat in 2016 because of droughts.
As UNIAN reported, exports of goods from Ukraine fell by 29.3% in 2015 from 2014, to $38.135 billion, while imports decreased by 31.1%, to $37.502 billion. The ratio of coverage of imports by exports was 1.02 (0.99 in 2014). Ukraine handled foreign trade operations with partners from 217 countries and regions last year.
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