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24 May 2023, 11:47

Snopkov: Belarus' export of goods, services reaches 10-year high in Q1 2023

MINSK, 24 May (BelTA) – In Q1 2023, Belarus' export of goods and services reached a record high in a decade, 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.

“Thanks to the measures taken by the government, the country's export of goods and services in the first quarter of 2023 reached a record high over the past 10 years, with trade surplus remaining in place. Deliveries to Russia increased by almost 60% (by $2.2 billion), to China - 2.4 times (by $404 million). Export volumes of goods are increasing every month of this year across all commodity items due to a 13% increase in physical volumes and a decrease in prices. The export reached $3 billion in January 2023, $3.2 billion - in February, $3.6 billion - in March 2023. In Q1 2023, export losses from the impact of sanctions were fully compensated,” Nikolai Snopkov said.

Nikolai Snopkov
Nikolai Snopkov

The positive dynamics is connected, among other things, with the expansion of export support mechanisms by the government. Funds to compensate preferential interest rates for export loans were increased by 8% more than in 2022, and by 80% more than in 2021. The practice of crediting exports of food products, first introduced in May 2022, has been continued. The terms for repaying export loans for enterprises subject to sanctions pressure have been expanded. According to the first deputy prime minister, these measures are in demand for enterprises, which allowed to stimulate an increase in exports to new and friendly countries. Exporters received support for certification of food production, which is critical to enter the Asian market.

As for 2022, deliveries to Russia grew by 40%, or $6.6 billion, and reached a record $50 billion. High investment demand in Russia for Belarusian engineering products and tight weekly control by the government over actual deliveries contributed to this growth. Deliveries to China increased by 1.8 times, or $700 million. As a result, the foreign trade balance reached a historically high level for Belarus (plus $4.3 billion).

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