UA Balance of Trade: November 2025 Release and Macro Implications
The latest Balance of Trade data for UA, released on November 19, 2025, reveals a dramatic improvement compared to previous months. The deficit narrowed sharply to -30.60 million UAH, far better than the estimated -2,850 million UAH and the prior month’s -3589.80 million UAH. This report analyzes the recent data within the broader economic context, drawing on the Sigmanomics database and historical trends to assess implications for UA’s macroeconomic outlook.
Table of Contents
The November 2025 Balance of Trade print for UA marks a near-breakeven position at -30.60 million UAH, a stark contrast to the persistent deficits seen throughout 2025. This shift signals a potential turning point in UA’s external sector, influenced by evolving trade patterns, geopolitical developments, and domestic policy adjustments.
Drivers this month
- Exports stabilized amid recovering global demand and easing supply chain constraints.
- Imports contracted sharply, reflecting subdued domestic consumption and tighter credit conditions.
- Energy sector exports contributed positively, offsetting previous months’ drag.
Policy pulse
The balance improvement aligns with recent monetary tightening by UA’s central bank, which raised policy rates to curb inflation and stabilize the currency. Fiscal consolidation efforts have also restrained import-driven demand, supporting the trade balance.
Market lens
Following the release, the UA currency appreciated by 1.20% against the USD, while 2-year government bond yields declined modestly, reflecting improved investor confidence in external stability.
Examining core macroeconomic indicators alongside the trade data provides a fuller picture of UA’s economic health. Inflation remains elevated at 9.30% YoY, but has moderated from 11.10% six months ago. GDP growth slowed to 1.50% YoY in Q3 2025, weighed down by weak domestic demand and external uncertainties.
Monetary policy & financial conditions
UA’s central bank increased its benchmark rate to 9.50% in October, aiming to anchor inflation expectations and support the currency. Credit growth has slowed to 3.20% YoY, tightening financial conditions and dampening import demand.
Fiscal policy & government budget
Fiscal consolidation continues, with the government targeting a deficit reduction to 3.50% of GDP in 2025 from 4.80% in 2024. Reduced public spending has indirectly contributed to lower import volumes.
External shocks & geopolitical risks
Geopolitical tensions in the region have eased slightly, reducing trade disruptions. However, global commodity price volatility remains a risk, particularly for UA’s energy exports.
Key factors behind this swing include a 15% MoM rise in export volumes, particularly in metals and energy products, and a 20% contraction in imports driven by weaker consumer demand and tighter credit. Seasonal effects and inventory adjustments may also have contributed.
This chart highlights a strong reversal in UA’s trade deficit, trending sharply upward toward balance. If sustained, this could ease external financing pressures and support currency stability, but volatility remains a concern given recent history.
Market lens
Immediate reaction: The UAH/USD exchange rate strengthened by 1.20% within the first hour post-release, while 2-year government bond yields fell by 15 basis points, signaling improved market sentiment on external accounts.
Looking ahead, UA’s trade balance trajectory depends on multiple factors, including global demand, commodity prices, and domestic policy. We outline three scenarios:
Bullish scenario (30% probability)
- Global demand recovers robustly, boosting exports by 10-15% YoY.
- Domestic credit conditions ease moderately, supporting controlled import growth.
- Geopolitical stability improves, reducing trade disruptions.
- Trade deficit turns into a modest surplus by mid-2026.
Base scenario (50% probability)
- Exports grow modestly at 5% YoY, driven by energy and metals.
- Imports remain subdued due to cautious consumer spending and tight credit.
- Trade balance hovers near zero deficit through 2026.
Bearish scenario (20% probability)
- Global demand weakens amid recession fears, reducing exports by 5% YoY.
- Import demand rebounds sharply, driven by pent-up consumer needs.
- Geopolitical tensions flare, disrupting trade routes.
- Trade deficit widens again beyond -3,000 million UAH.
Policy pulse
Monetary policy will likely remain cautious, balancing inflation control with growth support. Fiscal discipline is expected to continue, limiting import-driven demand.
The November 2025 Balance of Trade print for UA signals a significant improvement in external accounts, potentially marking a turning point after months of large deficits. This shift reflects a complex interplay of domestic policy tightening, global demand stabilization, and easing geopolitical risks.
While the near-breakeven position is encouraging, sustaining this trend requires continued policy vigilance and favorable external conditions. Market reactions suggest growing confidence, but downside risks from global volatility and geopolitical uncertainties remain.
Investors and policymakers should monitor upcoming trade data closely, as it will provide critical signals for UA’s macroeconomic stability and currency outlook.
Key Markets Likely to React to Balance of Trade
The Balance of Trade is a crucial indicator for UA’s currency, bond, and equity markets. Sharp changes in trade deficits often trigger moves in exchange rates, sovereign yields, and export-sensitive stocks. The following symbols historically track UA’s trade dynamics and are likely to react to this release:
- USDUAH – The primary currency pair reflecting UA’s external trade health and capital flows.
- MTL – A metals sector stock sensitive to export volumes and global commodity prices.
- ENE – Energy sector equity, closely tied to UA’s export revenues.
- UAHUSDT – Stablecoin pair reflecting UA currency demand in crypto markets.
- EURUAH – Euro to UA currency pair, sensitive to trade flows with EU partners.
Since 2020, the USDUAH exchange rate has closely mirrored UA’s trade balance swings. Periods of widening deficits correspond with UAH depreciation, while narrowing deficits align with currency strength. This relationship underscores the trade balance’s role as a key driver of external stability.
FAQs
- What does the latest UA Balance of Trade reading indicate?
- The near-zero deficit of -30.60 million UAH signals a sharp improvement in UA’s external accounts, suggesting stabilizing exports and reduced imports.
- How does the Balance of Trade affect UA’s macroeconomic outlook?
- A balanced trade position reduces pressure on the currency and external financing, supporting inflation control and economic stability.
- What are the risks to UA’s trade balance going forward?
- Risks include global demand shocks, commodity price volatility, and geopolitical tensions that could widen deficits again.
Key takeaway: UA’s November 2025 Balance of Trade shows a remarkable turnaround, offering a cautiously optimistic outlook for external stability amid ongoing global uncertainties.
USDUAH – Tracks UA currency strength linked to trade balance.
MTL – Metals stock sensitive to export volumes.
ENE – Energy sector equity tied to export revenues.
UAHUSDT – Crypto stablecoin pair reflecting UA currency demand.
EURUAH – Euro-UA currency pair sensitive to trade flows.









The November trade deficit of -30.60 million UAH represents a dramatic improvement from October’s -3589.80 million UAH and is well above the 12-month average deficit of -3,200 million UAH. This reversal is the sharpest monthly improvement recorded in the past year.
Historical data from the Sigmanomics database shows persistent deficits averaging -3,000 to -4,100 million UAH monthly since April 2025, with the worst reading in September at -4101.50 million UAH. The near-balance in November suggests a structural shift or one-off factors at play.