Ukraine has seen its current account deficit balloon this year as its terms of trade deteriorate. The current account deficit was $3.9bn in January-September compared to a $1.5bn deficit during the same period a year ago, according to the National Bank of Ukraine (NBU).
The deficit in the current account of the balance of payments expanded to $1.7bn in September amid the worsening of export dynamics and significant planned payments for servicing public debt, according to Interfax news agency.
In September, exports of goods fell by 3.6% year-on-year, to $3.3bn. In January-September exports of goods grew by 9.9% y/y, to $31.5bn.
"The dynamics of exports worsened in all commodity groups, primarily due to a lower yield of early grains, smaller ending stocks of certain industrial crops from the previous harvest, repair work at steel mills, transportation difficulties and a certain deterioration in the external price situation," the NBU said in a report.
In September, imports of goods increased by 17.3% y/y to $5.1bn against the background of a stable domestic demand and high energy prices. In January-September, imports of goods grew by 15.6% y/y to $40.6bn.