Significant Growth in Ukraine’s Customs Revenues in June: Which Goods Boosted the Budget
In June of this year, Ukraine recorded a notable increase in customs revenue, totaling over 56.9 billion hryvnias. This month became one of the most successful periods for the state's treasury in terms of customs payments in recent times. Compared to the same period last year, revenues grew by more than 10 billion hryvnias, and were 1.3 billion hryvnias higher than in May of this year. Experts emphasize that this growth was driven by increased volumes and values of imported goods, which rose both in terms of weight (by 16.2%) and dollar equivalent (by 15.4%). The primary goods that contribute significantly to budget inflows include petroleum products, automobiles, natural gases, tobacco products, agricultural machinery, and coal. Notably, the import of passenger cars alone added an extra 1.7 billion hryvnias, alongside significant contributions from oil products and gases. Additionally, June saw a substantial rise in import volumes for certain categories, directly impacting the customs revenue. The State Customs Service also highlights that tax privileges play a major role in shaping these inflows. In June, the total amount of customs duty exemptions reached 27.6 billion hryvnias, marking a 41% increase compared to last year. However, analysts point out that the success of customs policy relies not just on tariffs and control procedures but also on the dialogue between regulators, business, and society. Currently, this dialogue resembles a conversation in three different languages without a translator, making effective communication a challenging and ongoing process requiring significant effort.