The National Bank of Ukraine has revised the balance of payments data for 2024 and Q1 2025 due to the receipt of updated data.
The data for imports and exports of goods for 2024 through Q1 2025 have been revised. This update is due to the inclusion of more precise information regarding the volumes of postal shipments. Since 2016, the NBU has been receiving relevant information from the State Customs Service, which was compiled from paper documents and only included data on taxable parcels. The introduction of an electronic customs clearance system for postal and express shipments has significantly expanded the coverage of international postal traffic. As a result of these changes, imported goods arriving via postal shipments surged to USD 1.6 billion in Q1 2025 and to USD 3.5 billion for 2024. This represents a massive increase compared to the USD 53 million and USD 228 million respectively in previous estimates. Data for previous years has not been revised and remains at approximately USD 20 to USD 30 million per quarter. Similarly, postal exports have also seen a significant upward revision. They grew from just a few hundred thousand dollars per year to USD 173 million in Q1 2025.
Imports of travel services have been also been revised. Based on expert assessments, the previously included expenses incurred abroad were reduced by the portion of spending made with Ukrainian cards by citizens who have been abroad for over a year – by USD 1.3 billion in 2024 and by USD 264 million in Q1 2025.
Other adjustments have also been made to the balance of payments, primarily due to the receipt of new reporting data. These changes include, among other things:
- revised technical assistance for 2024 – USD 2.8 billion compared to USD 1.2 billion
- reinvested earnings from other sectors were included: USD 222 million in Q4 2024 and USD 63 million in Q1 2025.
As a result of these data revisions, the current account deficit for 2024 has been widened from USD 13.7 billion to USD 15.9 billion. Similarly, for Q1 2025, the deficit was increased from USD 5.8 billion to USD 6.9 billion.
For reference, a list of the main changes made to the external sector statistics, along with the reasons for data adjustments, can be found on the official website of the National Bank of Ukraine. You'll find it under the section Statistics / External Sector Statistics / Methodological Materials at the following link.