Economic indicators: trade

By Vladimir V. Sytin

The export turnover of Ukrainian goods amounted to $17,242.1 million and the volume of import to $18,572.2 million in January-May, a 25.9% and 28.6% increase respectively from the same period of 2016. The unfavorable foreign trade balance worked out to $1,330.1 million, compared with $745 million in January-May 2016.

Export to the European Union rose by 25.2%, compared with January-May 2016. Within the period under review export to Byelorussia and Russia rose by 44.7% and 33.2% respectively.

According to James Rickards, editor of the Strategic Intelligence newsletter, Russia is the 12th largest economy in the world, is one of the three largest energy producers, has abundant natural resources other than oil, has advanced weapons and space technologies. President Vladimir Putin remains the geopolitical chess master he has always been. His long game involves the accumulation of gold, development of alternative payments systems, and the ultimate demise of the dollar as the dominant global reserve currency. As far as Ukrainian-Russian trade and economic ties are concerned, The New York Times once noted that there has never been a country in world history, which wrecked relations with its main, nation-state, trading partner and prospered from it.

A retail trade turnover increased by 7.3% to 362.6 billion grivnas in Ukraine in January-June, compared with the same period last year. The turnover of enterprises of wholesale trade rose by 1.5% to 857.7 billion grn in January-June, compared with a year-earlier period.