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Data from the National Bank of Ukraine (NBU) cited by Ukrainian media report that the deficit of Ukraine’s consolidated balance of payments equaled to $2.8 billion in September 2024 (about 1.6% of the projected 2024 GDP), compared to a surplus of $0.3 billion in September 2023 and $4.9 billion in August 2024.
According to the NBU, the deficit of the current account of the balance of payments excluding grants and reinvested income reached $2.4 billion at the end of September 2024, compared to $2.3 billion a month earlier and $1.8 billion in September 2023.
The bank reported that much smaller grants from international partners and the growing primary income deficit caused the increased current account deficit.
Overall, excluding reinvested income and grants from partners, the current account deficit rose by $4.9 billion year-on-year to $11 billion in January-September 2024, or to $15.2 billion from $12.7 billion last year.
The NBU reports that exports were growing faster than imports, so the negative balance of trade in goods and services has decreased since September 2023 to $0.5 billion compared to $0.7 billion, respectively. A particular increase was demonstrated by exports of goods. It attained 16.2% in September 2024 compared to September 2023 and 5.6% compared to August 2024 and reached $3 billion, while the increase of imports reached $5.7 billion (3% growth compared to September 2023 year and only 0.4% increase compared to August 2024).
NH Logistics UKR has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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As agrarian Policy and Food Minister Vitaly Koval said at a meeting of the Council on Agriculture and Fisheries (AGRIFISH) in Brussels, Ukraine had to reduce the burden on the borders of neighboring countries and return to its historical logistics routes in 2024, again exporting 88% of all agricultural goods through Ukrainian ports.
According to him, it is important to secure an extension of preferences for trade in agricultural products beyond June 2025 for the period until the end of the crisis and transitional period after it.
Koval highlighted that Ukraine is a large market for European goods used in agricultural production. For example, imports of seeds, plant protection products, equipment and fertilizers account for 61%, or $10 billion, in Ukraine’s entire agricultural sector, while the imports of finished European products to the Ukrainian market reached $6.95 billion.
Koval said that Ukrainian and European farmers do not have the same competitive edge. He also added that Ukraine is a partner for Europeans rather than a rival.

NH Logistics UKR has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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Georgia’s strategic importance as a logistics gateway between Europe and Asia was emphasised by Georgian Deputy Economy Minister Genadi Arveladze on Friday during a panel discussion at the 23rd ministerial session of the Central Asian Regional Economic Cooperation Programme in Astana, Kazakhstan.
The potential of the Middle Corridor as a reliable transportation route linking the two continents was also highlighted by Arveladze. According to him, the private sector’s interest in logistics projects was increasing, against the backdrop of the growing popularity of the Corridor, and Georgia’s integration into regional and international transport networks would be “greatly enhanced” by the trend.
Ongoing strategic initiatives aimed at modernising the country’s logistics framework, including the development of the Baku-Tbilisi-Kars railway, the East-West highway, and the Anaklia deep sea port project, were also outlined. According to Arveladze, the Government showed its commitment to positioning Georgia as a key player in regional logistics by the adoption of a comprehensive logistics and demonstration of transport strategy.
The importance of enhancing cooperation among CAREC countries to facilitate smooth cross-border transportation along the Middle Corridor was stressed by the Deputy Minister. According to him, digital technologies should be used to streamline transport operations.
It’s possible to expand Georgia’s transport routes, facilitate the trade and foster sustainable economic development within the CAREC region and beyond due to coordinated policies and actions among Corridor countries. Aveladze has also noticed that the Government’s priority was to enhance port infrastructure on the Black Sea and to increase ferry traffic to neighbouring ports. He attributed an uplift in cargo turnover (a 21 percent increase in the first nine months of 2024 compared to the same period last year) to more frequent ferry connections with Romania and Bulgaria.
High-ranking officials from member countries, along with leaders from international organisations such as the Asian Development Bank, the International Monetary Fund, the World Bank, and the World Trade Organisation met during the CAREC ministerial session.
Identifying strategic goals and measures for addressing climate change in the region were in the focuse of the main theme of the session.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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As Georgian Deputy Economy Minister Irakli Nadareishvili told the seventh Hongqiao International Economic Forum in China on Wednesday, the Government’s economic policy should prioritize traditional sectors’ transformation of the Georgian economy through artificial intelligence.
Nadareishvili highlighted during his speech at the Forum that the use of artificial intelligence was in the process of industrialisation, and Georgia was commited to foster innovation and technological development as part of its broader strategy for sustainable economic growth.
According to the official, significant progress had been made by the Government in modernising its economic sectors. Georgia was positioned as a “regional hub” for technology and IT companies, with over 150 companies now operating in the country.
These businesses employ more than 10,000 local and foreign specialists, which has dramatically altered the country’s export structure. Nadareishvili said that IT services exports reached an unprecedented figure for Georgia of $900 million in 2023.
The Government’s strategy for AI and its integration into various sectors of the economy was emphasised by the Deputy Minister. He also highlighted that it was important to maintain competitiveness in an increasingly digital world and added that “more than just the right infrastructure and business-friendly tax laws” were required.
Efforts of the Government and Georgia’s Innovation and Technology Agency in creating a “developed innovative startup ecosystem”, which had been supported by the establishment of and the launch of nine technology parks across the country, were also noted by Nadareishvili.
He told the forum that the implementation of the largest and most ambitious project – Kutaisi technology hub [in the country’s west], combining an interactive science and technology museum, a startup accelerator, an international IT school, various innovative laboratories, and, most importantly, a cutting-edge data centre focused on advancing AI research and implementation, was started this year.
As he pointed out, implementing artificial intelligence across healthcare, education, agriculture, biotechnology, public services, and ultimately, in business and the economy would be the main focus of the works at the Kutaisi technology hub.
Around 40 companies showcasing their products and services across three distinct pavilions were included in the Georgian delegation, supported by Enterprise Georgia, the state agency promoting entrepreneurship, investment and exports.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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According to the central bank, NBS, Serbia’s current account deficit widened to 2.46 billion euro ($2.66 billion) in the first eight months of the year from 664 million euro in the prior-year period.
Figures posted on the NBS website earlier this month show that the deficit in trade of goods rose by an annual 20% to 4.9 billion euro in January-August, while the surplus in trade of services fell down by 17% to 1.6 billion euro.
The increase of the gap in primary income attained 11% on the year and finally reached 2.69 billion euro in the first eight month of 2024, while the downfall of the surplus in secondary income equaled to 10% (3.57 billion euro).
Serbia’s current account gap fell from 556 million euro (August 2023) to 64 million euro (August 2024).
An improved energy balance and robust growth in manufacturing and services exports narrowed the country’s current account deficit to 1.81 billion euro in 2023 from 4.16 billion euro in 2022. Last year’s deficit equaled to 2.6% of GDP.
According to NBS governor Jorgovanka Tabakovic, the current account deficit will be trending at around 4–5% of GDP, sufficient to ensure the country’s external sustainability, this year and in the medium term, due to the anticipated pick-up in the investment cycle and the associated import of equipment and intermediate goods.
NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.

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Two offices of Serbia’s chamber of commerce are opened in China
According to Serbia’s chamber of commerce (CCIS), two new offices have been opened in Beijing and Changsha, the Hunan province’s capital.
As Marko Cadez, CCIS president, said in a press release on Saturday, new opportunities for the placement of Serbian products on the Chinese market and cooperation with Chinese companies have been opened by the free trade agreement between Serbia and China, that was signed in October 2023 and entered into force on July 1, 2024. 10,412 Serbian products and 8,930 Chinese products are included in it.
According to Cadez, Serbian companies will be supported to start new businesses with Chinese partners or advance existing ones by new offices.
A representative CCIS office was opened in Shanghai four years ago.
Data from Serbia’s statistics office for 2023 report that the volume of trade between Serbia and China reached 5.65 billion euro ($6.1 billion), while exports from Serbia attained 1.15 billion euro, and imports from China at 4.5 billion euro.

NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.

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According to Serbian Office for IT and eGovernment, the exports of the country’s information and communication technologies (ICT) sector increased by 19% year-on-year to 2.629 billion euro ($2.851 billion) in the first eight months of 2024. The office’s statement issued on Thursday said that the ICT sector’s exports totally reached 323 million euro in August … Read more

According to Ukrainian media, the country’s gross domestic product (GDP) grew up by 3.8% (± 1%) in September 2024 year-on-year versus 0.3% in August and 1.1% in July. As the ministry reports, the country’s GDP grew up by 4.5% (±1%) in January-September 2024 year-on-year compared to 3.9% in January-August, 4% in January-July, and 4.1% in … Read more

As Georgian Deputy Economy Minister Irakli Nadareishvili said on Wednesday, “record-high” export growth was achieved in both 2023 and 2024, as the total volume attained $6 billion last year and $5 billion within the first nine months of 2024.
Nearly all parameters have achieved macroeconomic stability due to the consistent economic policies that the Government implemented, allowing businesses to plan and anticipate medium-term developments, including regulations, taxation, and other key areas.
Free trade agreements, providing access to aggregated markets totalling two and a half billion people, all with tariff-free trade, are one of preconditions of this success, as well as state programmes that regularly assess the needs of businesses.
The “record” volume of exports was also highlighted by Deputy Economy Minister Vakhtang Tsintsadze. According to him, domestic exports had increased by 4.1 percent between January and September and reached the volume of $4.8 billion in total, while exports had increased by 17 percent year-on-year in September alone, reaching $615.6 million.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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