World Economy

Belarus Foreign Trade Surplus at $244m

Belarus Foreign Trade Surplus at $244mBelarus Foreign Trade Surplus at $244m

In January 2015 the surplus of Belarus’ foreign trade in goods and services totaled $244.7 million, BelTA learned from the National Statistics Committee.

For comparison: in January 2014, Belarus had a deficit of foreign trade at $118.1 million. According to the National Statistics Committee, the export of goods in January 2015 amounted to $2.66 billion, down 24.8% as against January 2014. Imports dropped even more, by 36.5% to $821.9 million.

Belarus’ foreign trade in goods with Russia in January contracted by 39.6%. Exports fell to $659.2 million and imports to $1.16 billion. Belarus had a deficit in the trade with Russia at $357.2 million. However in January 2014, the deficit stood at $590.4 million.

Belarus had a surplus in the merchandise trade with the EU countries in January. It came at $536.4 million ($428.6 million in January 2014). Exports decreased by 14.2% to $862.9 million, imports shrank by 43.4% to $326.5 million.

Belarus had a $183.7 million deficit in the foreign trade with the CIS countries in January 2015. In January 2014 it was more $348.5 million. Exports of Belarusian goods to the CIS countries plummeted by 40% to $892.9 million, imports fell as much, by 41.4% down to $1.76 billion.

The head of state held a government session to discuss topical social and economic development issues. Prime Minister Andrei Kobyakov noted then that the December shocks caused by the devaluation of the Russian ruble, the actual contraction of the Russian market delivered a heavy blow on the Belarusian economy.

“It is obvious that the tough measures to restore economic balance that were implemented in December and January could not but affect the real sector and its financial performance. Therefore, the economic policy should focus on helping the industrial sector get back on track. The efforts to address this issue will involve the banking sector, export, employment and household income,” Andrei Kobyakov noted. “January was a complicated month as far as the development of our economy is concerned. We witnessed certain problems that accumulated on the currency market and the financial market on the whole in December 2014.

”At the same time the situation radically changed in February. We saw a stable situation primarily on the currency market. The demand of individuals and corporations for foreign currency is satisfied in full. The situation on the deposit market is stable as well,” Pavel Kallaur, Chairman of the Board of the National Bank of the Republic of Belarus said.