Dec 20, 2018

Trade in goods increased by 2.3% YoY in November 2018

Quick Update

  • Trade in goods increased by 2.3% YoY in November 2018, according to Geostat.
  • Exports of goods went up by 19.6% YoY or by 46.5 mln USD in absolute terms. Imports of goods retreated by 3.1% YoY, following 18.0% YoY growth in previous months. As a result, trade balance improved by 13.3% YoY or by 69.7 mln USD in absolute terms.
  • In the first eleven months of 2018, exports of goods increased by 24.0% YoY. At the same time, imports of goods went up by 16.8% YoY. The trade deficit increased by 13.0% (604 mln USD in absolute terms) compared to the same period previous year.
  • Growth of exports accelerated to 19.6% in November, 4.6 PP higher compared to growth in previous month. Higher growth primarily reflected higher growth of exports to CIS (+47.5% YoY) and EU (+21.1% YoY). Exports to other countries declined by -29.6% YoY, mostly reflecting lower exports to the USA.
  • From the goods perspective, November exports growth mostly reflected higher exports of cars (+72.2% YoY), copper ores (+40.4% YoY) and cigarettes (+134.5% YoY). At the same time exports of Ferro-alloys ( -42.4% YoY), Spirits (-32.3% YoY) and nuts (-43.0% YoY) decreased most.
  • Imports decreased by 3.1% YoY in USD terms in November following sharp growth in October (+18.7% YoY). Reduction of imports mostly reflects decline of imports of transportation (-14.3% YoY), as well as moderate growth in all other categories of goods. Imports of capital and intermediate goods increased by (+1.4% YoY), petroleum products (+1.2% YoY), consumer goods imports also increased by modest 0.2% YoY.
  • From the regions perspective, imports declined from the EU (-7.4% YoY) and other countries (-12.5% YoY), while increased from CIS (+15.5%) YoY.