OREANDA-NEWS. On 29 December 2008 was announced, that according to the NBU both export and import growth rates slowed significantly in 11M2008. In particular, in November export increased by USD 3.8bn (-34%, m/m) to USD 63.6bn, which resulted in a slow down of cumulative exports growth  from 48%, y/y in 10M2008 to 41%, y/y in 11M2008. At the same time the amount of imports rose by USD 5.2bn (-30%, m/m) to USD 79.0bn, while its growth rates reduced from 53.5% in 10M2008 to 46.5% in 11M2008. Together with the service trade deficit of USD 0.2bn, the largest in the last 3 years, this resulted in the growth of the current account (CA) deficit to USD 11.7bn in 11M2008. Worth noting is that similar to October, the balance of the financial account was negative (-USD 1.7bn) in November. This was related to the slow down of foreign direct investment (FDI) to USD 0.3bn compared to a large outflow of short term borrowed funds, which decreased the cumulative financial account surplus to USD 10.6bn (USD 12.7bn in 10M2008).The outflow of the borrowed funds and currency exchange operations led to the spending of international reserves of USD 3.8bn in November. Still the IMF’s loan of USD 4.5bn enabled an increase in the reserve amount by USD 0.8bn to USD 32.7bn in November.