Ukrainian National Bank estimates current account deficit at $146m in Apr

Ukrainian National Bank estimates current account deficit at $146m in AprThe deficit of the current account in Ukraine in April 2017 was estimated at $146 million against a $164 million surplus recorded in April 2016, the National Bank of Ukraine (NBU) has reported on its website.

This is reported by Interfax-Ukraine.

The formation of the current account deficit last month is explained with the widening of the deficit of foreign trade in goods and services, as well as dividend payments. The NBU allowed transferring dividends for 2014-2015 abroad from June 2016, for 2016 from April 2017.

In general, in the first four months of 2017 the current account deficit decreased by 1.5%, to $1.307 billion.

The National Bank said in April 2017 there was a significant slowdown in the growth of exports in annual terms to 7.5% from 38.2% in March.

"First of all, this was due to a decrease in exports of metallurgical products because of a fall in metallurgical production in the conditions of suspension of cargo movement between the controlled and uncontrolled territories of Donbas," the NBU explained.

In addition, the growth in grain exports slowed down due to the intensive exports of grains in the previous periods and a gradual decline in ending stocks.

At the same time, the NBU noted exports of iron ore continued growing at a high rate.

In general, exports of goods for January-April 2017 increased by 28% compared with the corresponding period last year.

Imports of goods in January-April 2017 were up by 22.4%.
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