The restoration of the blockade of western borders in February had a significant impact on the import of goods. Import losses in February amounted to $350-400 million. This is stated in the report on the macroeconomic review of the National Bank for April 2024.
“In February, the traditional increase in imports of goods did not occur in February due to the resumption of the blockade of western borders. According to NBU estimates, import losses in February amounted to $350-400 million,” the report says.
It is noted that purchases of food products (fish, fruits/nuts), industrial products (clothing, shoes) decreased the most ) and wood.
But there was an increase in imports of certain chemical products (fertilizers and pharmaceuticals). This may indicate both a lower intensity of border blocking for road transport of military goods and a reorientation of these purchases to other trade and transport routes.
At the same time, thanks to the sea corridor in February, the physical volumes of grain exports were the highest high since the beginning of the full-scale invasion and only slightly less than in January 2022.
At the same time, the export of mining and metals industry products has slowed down somewhat. Considering the orientation of the supply of these products to Asian countries, this may be caused by the crisis in the Red Sea and weakening demand from China.
In general, exports of goods in January-February were as close as possible to the indicators of a full-scale invasion, the National Bank summed up .