Ukraine's exports to EU drops by one third, Russia – by 60%

18 march 2015 | 16:10

The beginning of 2015 is marked with a simultaneous fall in exports and imports. 

Ukraine's exports to EU drops by one third, to Russia – by 60%
Ukraine's export and import fell by one third – 31.2% and 33.4%, to $ 2,984 billion and $ 3,009 billion in the first month this year, according to the State Statistics Service of Ukraine.

At the same time, Ukraine's negative trade balance dropped by more than 7 times, to $ 25.1 million compared to $ 183.1 million in the same period last year (January, 2014).

The State Statistics Service of Ukraine recorded a % 31 decrease of Ukrainian exports to the EU compared with January last year. The volume of exports to the EU amounted to $ 1.0717 billion, or 35.9% of total exports. Imports from the EU amounted to $ 1.1531 billion, or 38.3% of the total volume which is 21.2% less than the previous year.

Read more: Report: Ukraine is among ten largest arms exporters

At the same time, a significant drop of Ukrainian exports was also observed with the CIS countries. Here Ukraine has a 54.9% decrease.

Exports to Russia fell by 60.3% (imports from Russia decreased by 57.1%).

"This data is certainly not positive, but the rate of decline – 30%, was initially recorded in December last year," – says the chief economist at SG Dragon Capital, Elena Belan.

As regards to the Donbas conflict impact on the economy, its effect was remarkably visible. The greatest rate of export decline were recorded in Donbas. Thus, there was a 64.3% drop in Donetsk oblast', and 96.6% decrease in Luhansk oblast'.

Source: Interfax-Ukraine

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