Trade deficit increased by 39.3% y/y in Aug-22 - Galt&Taggart

Trade deficit increased by 39.3% y/y in Aug-22 - Galt&Taggart

access_time2022-09-26 10:49:23

In Aug-22, exports increased by 40.4% y/y to US$ 470.6mn, after a 40.3% y/y growth in previous month.


Imports growth accelerated up by 39.7% y/y to a record high of US$ 1.2bn in August (growth was 27.3% y/y in Jul-22).


As a result, the trade deficit increased markedly by 39.3% y/y to all-time high US$ 743.0mn, after a 17.2% y/y growth in July.



The top 5 exported commodities were cars (+166.7% y/y), copper (+16.4% y/y), wine (+26.2% y/y), ferro-alloys (-53.1% y/y) and spirits (+26.5% y/y) in Aug-22. A 17.6% of exports were directed to the EU (+106.4% y/y), 61.5% to the CIS (+60.5% y/y) and 20.9% to other countries (-14.3% y/y). The top 5 imports were petroleum (+76.6% y/y), cars (+43.9% y/y), copper (+46.4% y/y), pharmaceuticals (+29.2% y/y) and telephones (+1.1% y/y) in Aug-22.


Overall, in 8 months of 2022, trade deficit was up by 36.2% y/y to US$ 4.8bn, as exports increased by 36.9% y/y to US$ 3.6bn, while imports were up by 36.5 % y/y to US$ 8.4bn.

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