Ukraine’s export revenue up 15.9% in H1 ’24

Ukraine’s export revenue saw a 15.9 per cent increase in the first half of 2024, reaching $3.3 billion more compared to the same period last year, according to the National Bank of Ukraine (NBU).

Despite this growth, the amount of unreturned foreign exchange earnings remains between $7 billion and $8 billion.

The NBU noted that the stable volume of overdue export transactions amidst rising revenue is a positive trend. However, an increase in unreturned earnings could adversely impact Ukraine’s balance of payments and international reserves, which are crucial for macro-financial stability.

To address this, the NBU has implemented measures to ensure the timely return of export revenues, including forex restrictions and tightened oversight.

The bank anticipates that new export security measures, developed in collaboration with various government agencies and recently approved by the Verkhovna Rada, will enhance the return of forex earnings, particularly from the agricultural sector.

The NBU will continue to work with government bodies to maintain a comprehensive approach to managing export revenue returns.

Attribution: Interfax

Subediting: M. S. Salama