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| FOREIGN TRADE |
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During the first eleven months of 1999, the volume of foreign trade in goods went down by 16.5 percent compared with the corresponding period last year falling to USD 20.7 million.
Foreign Trade in Goods in Jan-Nov 1999 and Jan-Nov 1998, USD billion
| Jan-Nov 1999 | Jan-Nov 1998 | Change, in % Jan-Nov 1999 compared to Jan-Nov 1998 |
| Exports | 10.3 | 11.5 | - 10.4 % |
| out of which Russia |
2.1 | 2.6 |
- 19.0 % |
| Imports | 10.4 | 13.3 | - 21.7 % |
| out of which Russia | 5.0 |
6.3 | - 21.3 % |
| Balance | - 0.053 | - 1.8 | |
| out of which Russia |
- 2.9 |
- 3.7 | |
| TOTAL | 20.7 | 24.8 | - 16.5 % |
| out of which Russia | 7.1 | 8.9 | - 26.7 % |
The total turnover of trade in goods with Russia has declined sharply from USD 8.9 billion to USD 7.1 billion. The balance of trade in goods with Russia has improved but it still remains negative. As we see from the table above, there was no improvement in trade with Russia, because imports and exports dropped in the same proportion. Russia remains, by far, the most important partner in foreign trade for Ukraine, although its share in the total foreign trade turnover in goods fell from 36.0 percent in January-November 1998 to 34.2 percent in January-November 1999.
The total foreign trade turnover in services declined by 10.5 percent from USD 3.5 billion in January-November 1998 to USD 3.2 billion in January-November 1999.
Foreign Trade in Services in Jan-Nov 1999 and Jan-Nov 1998, USD billion
| Jan-Nov 1999 | Jan-Nov 1998 | Change, in % Jan-Nov 1999 compared to Jan-Nov 1998 |
| Exports | 2.7 | 2.8 | - 6.4 % |
| Imports | 0.5 | 0.7 | - 28.3 % |
| Balance | 2.2 | 2.2 | |
| TOTAL | 3.2 | 3.5 | - 10.5 % |
The positive balance in services enabled to achieve the overall positive balance of foreign trade in goods and services.
The total foreign trade turnover during January-November 1999 reached USD 19.8 billion, which is 18.5 percent lower than during the corresponding period of 1998.
Foreign Trade in Goods & Services in Jan-Nov 1999 and Jan-Nov 1998, USD billion
| Jan-Nov 1999 | Jan-Nov 1998 | Change, in % Jan-Nov 1999 compared to Jan-Nov 1998 |
| Exports | 10.9 | 12.4 | - 12.0 % |
| Imports | 8.9 | 11.9 | - 25.3 % |
| Balance | 2.0 | 0.5 | |
| TOTAL | 19.8 | 24.3 | - 18.5 % |
Source: Ministry of Economy of Ukraine, "Ukraine: Review of Economic Situation" a section of Ukraine Macroeconomic Reform Project
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