Ukrainian export growth rates in Q1 2019 were the slowest in the past three years. This was stated by OPPOSITION PLATFORM — FOR LIFE MP Serhiy Lovochkin. The politician believes that the outgoing government’s reluctance to help the economy of Ukraine has enabled the state to reach its 2013 export levels.
“Restoration of pre-crisis export level remains a vain dream for Ukraine. In the first quarter of 2019, Ukraine’s export reached only 79 percent of the 2013 level and about 72 percent of 2012. Given current dynamics and positive foreign market conditions, which are important in ore and grain markets, we’ll be able to reach the level of 2012 no sooner than 2024,” Lovochkin said.
The politician believes that negative trade balance growth is a bad factor for national currency stability. The trade balance has reached minus $1.456b, compared to minus $1.289b in 2018 and minus $736m in 2017. It’s a 13-percent increase from Q1 2018 and a twofold rise compared to 2017.
Lovochkin says that despite the military conflict with Russia, it remains the major trade partner of Ukraine, being second largest buyer of Ukrainian products (worth $759.4m) and second largest importer to Ukraine ($1.8b worth of goods). Even exports to the EU markets could not compensate for the losses resulting from lost trade with CIS countries.
“It’s obvious what needs to be done to stop the foreign trade crisis. We must support Ukrainian manufacturers and restore our positions on the lost foreign markets. Both is possible given support by the government. After five years of conflicts and crises, Ukraine can finally elect new government in July, the one interested in economic success of the state. I am sure the people will support this agenda,” Lovochkin summed up.
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