Reduction of foreign trade balance deficit stipulated by reduction of Russian gas import - analyst
2013-05-21 14:37:36
One of the main factors, which influenced reduction of the balance of payments deficit of Ukraine in Q1 this year, was reduction of Russian gas import.
Director of the analytical department of Pro-Consulting company Oleksandr Sokolov commented in this way on reduction of foreign trade balance 9.5 fold, speaking with a UKRINFORM correspondent.
"In March, Naftogaz imported, in total, 200 million cu m of gas for technical needs. If to take into consideration that a price for Russian fuel made up over USD 406/1,000 cu m in Q1, 2013, the amount paid by Naftogaz to Gazprom in March is about USD 81 million. This is 10 fold less against March of the previous year (USD 865 million) and twofold less against February this year (USD 162 million)," Sokolov has said.
In addition, the expert noted, due to high prices for natural gas, industrial enterprises started looking independently for other energy sources, such as coke and coal. As a result, gas consumption in the industry reduced by 11% in 2012.
Reduction of the balance of payments, according to the analyst, was largely influenced by positive trends in such spheres as transport services (positive balance of USD 1.578 million), services in the sphere of telecommunications, computer and information services (USD 203.5 million).
The import substitution program also, although less, according to the analyst, influences reduction of the foreign trade balance deficit. "The main reason of this program effectiveness is its orientation toward settlement of the situation in the most "problematic" sphere - the fuel and energy complex and the use of the powers of the most perspective sphere - the agroindustrial complex."
According to Sokolov, active state support of agricultural producers has already produced its results. After the state compensated over UAH 3 billion to horticulturists and winegrowers, which were spent for laying down new plantations and for their maintenance, consumption of fruits grew by 33%. In addition, over the first three months of 2013, export of Ukrainian potatoes grew almost 5.5 fold, carrots, beets, radish, smallage and turnips -75 fold, onions - 127 fold.
"Taking into consideration active development of the abovementioned spheres, as well as continuation of the state policy on Russian gas substitution, it is possible to confidently prognosticate that a trend toward reduction of the foreign trade balance deficit will continue at least until the year end," the analyst forecasts.
As reported by UKRINFORM, Ukrainian foreign trade balance deficit in Q1, 2013, reduced by USD 1.063 billion against the same period of the previous year and made up USD 125.8 million.