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03 June 2022, 16:44

Prime minister: Belarus is redirecting export flows while Western sanctions backfire

MINSK, 3 June (BelTA) – Belarus is busy redirecting export flows while actions of the West backfire on it, BelTA learned from Prime Minister of Belarus Roman Golovchenko on 3 June.

Roman Golovchenko said: “Due to certain circumstances we are forced to redirect our export flows to the markets that want them, to where our products are in demand. It is a priority for the central government and for all the government agencies and enterprises. The share of the Russian Federation and other Eurasian Economic Union countries in our shipments is rising. The flows are getting redirected little by little to the markets of African and Asian countries.”

More and more Belarusian mechanical engineering products are shipped to Africa. “Agricultural machines sell really well there now. Our potash flows are also getting actively redirected to the markets of African, South American, and Asian countries, including the People's Republic of China. This is why natural diversification of export is happening now,” the prime minister noted.

The head of government stressed: “We are gaining decently with regard to prices for our goods. We are getting additional foreign currency earnings thanks to that. As a result, we have a trade surplus of about $1 billion in H1 2022. It is extremely important in the current conditions. It ensures the stability of our balance of payments.”

The share of the European Union in Belarus' foreign trade is going down although it remains quite significant, Roman Golovchenko pointed out. In his words, Belarus will continue trading with the European Union except for trade in the goods affected by the sanctions. The official doubted that these restrictions will stay in place for long.

“All of us see what shocks the consumer market is experiencing in countries of the European Union. No doubt it is related to falling living standards, inflation, and high prices. We believe that governments of these countries will very soon experience pressure from the politicians, who represent interests of citizens. Actions being taken against Russia and Belarus will backfire on them and it is unknown who will suffer the worst due to the enforcement of these measures,” Roman Golovchenko said.

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