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24 May 2023, 11:31

Belarus offsets losses in Western markets by re-directing exports to friendly countries

MINSK, 24 May (BelTA) – Belarus offset the losses in the markets of Western countries and Ukraine by more than 80% in 2022 by re-directing exports to friendly countries. In the first quarter of 2023, Belarus fully offset the export losses in the wake of sanctions, Belarusian First Deputy Prime Minister Nikolai Snopkov said at a joint sitting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 24 May, BelTA has learned.

Nikolai Snopkov named three key constraints that hampered economic growth in 2022 and the first quarter of 2023: direct trade restrictions, logistics and settlements. According to him, due to direct trade restrictions imposed by some Western countries and the cessation of trade with Ukraine, the key risk faced by the economy was shrinking exports.

"To mitigate this risk, we worked to redirect export flows during 2022 and sought ways to deliver critical imports. The government monitored the status of export and production across more than 40 goods (about 30% of the country's exports) and 70 largest enterprises on a weekly basis. We organized weekly monitoring of supplies to the markets of Russia, China and other friendly countries. The group to counter sanctions and the ad hoc committee have adopted about 1,000 pinpoint and industry-wise decisions. The goal was to ensure the smooth operation of business, to maintain and increase exports," Nikolai Snopkov said. According to him, Belarus compensated for losses in the markets of Western countries and Ukraine by more than 80% by redirecting exports to friendly countries.

In response to the sanctions, Belarus banned the withdrawal of technological equipment, restricted the right to sell shares of foreign companies whose owners are from unfriendly countries, restricted the export of food in order to protect and saturate the consumer market and organized the supply of critical imports from China.

"Together with the parliament, we promptly put together a legal framework to apply retaliatory measures to the unfriendly actions of individual countries and maintain stability within the country," Nikolai Snopkov summed up.

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