During a month-long border blockade by Poles, Ukraine lost $860 million in exports and imports – National Bank of Ukraine reported

During a month of Poland’s border blockade, Ukraine has incurred a loss of $860 million in exports and imports.

This information reported in the January macroeconomic and monetary review by the National Bank of Ukraine.

The key points of the review are as follows:

1. Due to the blockade of specific land crossing points along the western borders, Ukraine faced an export loss of $160 million in November. The highest impact was felt on automobile shipments – processed food products, timber, and industrial goods. However, the negative effects of the blockade were offset by increased food and mining products shipments via the sea route (due to the gradual resumption of navigation to Ukrainian ports after Russia exited the grain deal), which helped boost overall export volumes.
2. According to the National Bank of Ukraine’s estimation, Ukrainian importers faced losses of $700 million in November due to the blockade of the Polish border and the threat of similar issues at the Slovakian border. These losses significantly affected purchases in machinery (cars, household and agricultural equipment, specific industrial machinery), chemicals (fertilizers, plastics, tires), and consumer goods (food and industrial products). The import of petroleum products managed to shift to rail transportation, witnessing a 12% increase in purchases.
3. Ukrainian businesses are facing a shortage of manpower, leading to disparities: by the end of the year, the number of new job vacancies almost reached December 2021 levels; however, people submitted significantly fewer resumes compared to 2021. There is a serious shortage of workers in regions, with the highest demand seen for specialists in trade and medicine. There is a severe lack of qualified labor.
4. In December 2023, the number of Ukrainian migrants abroad increased by 30,000, reaching 6.34 million. The highest number of temporary protection statuses were granted to Ukrainians in the European Union by:

• Germany – 1.2 million
• Poland – 0.95 million
• Czech Republic – 0.4 million

The National Bank of Ukraine’s analysis notes the growing adaptation of Ukrainians abroad.

‘According to a survey of Ukrainian migrants, in November 2023 in the Czech Republic, the majority of migrants (75% men and 69% women) have jobs, with the majority (58%) working a full workweek,’ the report by the National Bank of Ukraine states.”