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KIEV, Nov 24 (Reuters) - Ukraine's current account turned to a surplus in October of $87 million against a deficit of $2.03 billion in the same month last year, preliminary central bank data showed on Tuesday.
This is the fourth monthly surplus compared to the same month a year ago so far this year as falling demand for imports has helped reduce the trade deficit.
The trade gap shrank in October to $203 million against $1.742 billion a year ago and to $3.860 billion in the first ten months of the year from $14.271 billion in the same period a year ago.
Tuesday's data showed the current account deficit in the first ten months of the year shrank to $1.04 billion from $11.09 billion in the same period last year.
"Amongst global factors that have allowed for a sharper growth in exports than imports was the effective depreciation of the hryvnia currency in recent months, price growth on global goods markets, and a growth in metal production thanks to renewed supplies of coking coal," the central bank said.
Ukrainian metal production accounts for 40 percent of exports and while output and sales are still down on the year, the hryvnia's weakness has made metals more affordable to foreign buyers prompting better results month-on-month. ((Kiev bureau; tel: +380 44 244 9150; RM: sabina.zawadzki.reuters.com@reuters.net; editing by Chris Pizzey))