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Economy
19 August 2022, 18:59

Belarus prime minister expects record-high foreign trade surplus this year

ROGACHEV DISTRICT, 19 August (BelTA) – Belarus is projected to receive a record-high foreign trade surplus this year. Prime Minister of Belarus Roman Golovchenko made the statement as he visited Rogachev Milk Canning Factory, BelTA has learned.

Roman Golovchenko said: “As far as export volumes are concerned, we are underperforming due to three or four major exporters, which had been affected by the pressure of sanctions most. I believe that the most complicated times are already over. Export has been steadily rising since May. The most important thing is that it always has to be evaluated bearing in mind the foreign trade surplus, which is getting better. I think we will get a record-high foreign trade surplus this year. Due to import reduction and export growth. But it is very important for the country's balance of payments: foreign currency inflow will be sufficient to shore up the reserves and honor all our payment commitments.”

Belarus' export to the European Union has dropped by virtually one third due to understandable reasons, this is why it is being vigorously substituted. “We had a record-high volume of export to Russia in June 2022 – over Br2 billion. We've never had the monthly volume that high,” Roman Golovchenko said. “Export to remote countries is exploding. It may not be much in absolute terms. I am not talking about hundreds but tens of millions of U.S. dollars for now. Nevertheless, the growth rate is impressive. There are countries in Africa and Asia as well as the Middle East to where Belarus' export has increased by dozens of times – Ghana, Mali, Zimbabwe, and other ones. It means that diversification is in progress.”

Belarus has substantially improved its standing on the Chinese market recently, too. Foreign trade deficit in Belarus-China trade is decreasing. Shipments are growing well. “So, we are balancing this most difficult situation brought about by sanctions and restrictions,” the official concluded.

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