Nov 19, 2018

Trade in goods increased by 20.5% YoY in October 2018

Quick Update

  • Trade in goods increased by 20.5% YoY in October 2018.
  • Exports of goods went up by 15.0% YoY, or by 39.6 mln USD in absolute terms. Following the moderate growth over the past two months, growth of imports of goods accelerated to 18.7%. In absolute terms imports went up by 136.6 mln USD in October.
  • Trade balance worsened by 20.7% YoY, or by 96.9 mln USD in absolute terms, reflecting the higher imports growth.
  • In the first ten months of 2018, exports of goods increased by 24.5% YoY. At the same time, imports of goods went up by 18.9% YoY. As a result, the trade deficit increased by 16.0% (659 mln USD in absolute terms) compared to the same period previous year.
  • 15.0% exports growth was driven by higher exports to CIS 21.7% YoY and other countries 20.6% YoY. Exports to EU declined slightly (-2.7% YoY).
  • From the goods perspective, exports growth mostly reflected higher exports of ferro-alloys (+11.5 mln USD YoY), cars (+12.6 mln USD YoY) and cigarettes (+11.6 mln USD YoY) in October 2018.
  • Imports increased by 18.7% YoY in USD terms on the back of the higher imports bill on gasoline (+24.5% YoY), electricity (+170.5% YoY) as well as on copper concentrates (+164.3% YoY) and passenger cars (+27.7% YoY), the latter two are mostly destined for the re-exports.
  • From the perspective of broad economic categories of goods, transportation (+30.3% YoY), capital and intermediate goods (+24.7% YoY), petroleum products (+20.0% YoY), as well as consumer goods (+5.4% YoY), all showed  YoY growth in October 2018.
  • From the regional perspective, imports increased from EU (+13.6% YoY), CIS (+12.4% YoY) and other countries (+26.3% YoY).