EDB reports $7.6m deficit in Belarus’ trade with EEU members in 2019
<p> MINSK, Jul 10 - PrimePress. The deficit in Belarus’ trade with member states of the Eurasian Economic Union (EEU - Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia) in 2019 stood at $7.6 billion, or 12% of GDP. This finding is presented in the report entitled Main Tendencies in Belarus’s Integration Development in 2019 prepared by the Eurasian Development Bank’s (EDB) Centre for Integration Studies. </p> <p> </p> <p> Imports from the EEU countries amounted to $22.2 billion (minus 2.6%) in 2019. The main import position is mineral fuel: it accounts for about 40% of imports of Belarus from the EEU countries. The trade deficit has been the result of import of mineral fuel from EEU members, or more precisely - with the Russian Federation. Without this position, the trade balance would have been positive. </p> <p> </p> <p> In 2019, exports to the EEU countries amounted to $14.5bn (+4.4% year on year). The main export positions are livestock products, light industry goods and machinery and equipment. These categories account for 65% of exports to the EEU countries. Belarusian exports here are mainly of high value-added industrial goods. </p> <p> </p> <p> The Russian Federation continues to dominate the country’s trade structure with the EEU members. The Russian Federation accounts for 93% of Belarus’ exports and 99.2% of its imports. However, in 2019, Russia’s share in exports declined slightly in favour of Kazakhstan and Armenia. The share of these countries is gradually increasing and amounted to 6.1% in Belarusian exports by late 2019. </p> <p> </p> <p> “The main problem of Belarus’ export to the EEU is a weak diversification in countrywise terms. More than 90% of goods are supplied to Russia, which makes Belarusian industry dependent on the economic situation in one country. If a crisis occurs in the Russian economy, it has a mirror effect on the situation in Belarus. And if we take into account that 50-60% of the output of the manufacturing industry is sent abroad, the decrease in export supplies leads to overproduction, which cannot be compensated at the expense of the domestic market. The Belarusian government is actively seeking alternative sales channels, developing various marketing programs to stimulate demand for its goods in other countries,” reads the review. </p> <p> </p> <p> Belarus’ foreign trade in services is concentrated mainly in the transport sector, which is partly due to the country’s geographic location and the implementation of the EEU measures to realize the Union’s export potential: Belarus is one of the three EEU countries that follow the route of China’s transport and logistics initiative “One Belt, One Road”. End </p>
2020-07-11
Primepress
MINSK, Jul 10 - PrimePress. The deficit in Belarus’ trade with member states of the Eurasian Economic Union (EEU - Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia) in 2019 stood at $7.6 billion, or 12% of GDP. This finding is presented in the report entitled Main Tendencies in Belarus’s Integration Development in 2019 prepared by the Eurasian Development Bank’s (EDB) Centre for Integration Studies.
Imports from the EEU countries amounted to $22.2 billion (minus 2.6%) in 2019. The main import position is mineral fuel: it accounts for about 40% of imports of Belarus from the EEU countries. The trade deficit has been the result of import of mineral fuel from EEU members, or more precisely - with the Russian Federation. Without this position, the trade balance would have been positive.
In 2019, exports to the EEU countries amounted to $14.5bn (+4.4% year on year). The main export positions are livestock products, light industry goods and machinery and equipment. These categories account for 65% of exports to the EEU countries. Belarusian exports here are mainly of high value-added industrial goods.
The Russian Federation continues to dominate the country’s trade structure with the EEU members. The Russian Federation accounts for 93% of Belarus’ exports and 99.2% of its imports. However, in 2019, Russia’s share in exports declined slightly in favour of Kazakhstan and Armenia. The share of these countries is gradually increasing and amounted to 6.1% in Belarusian exports by late 2019.
“The main problem of Belarus’ export to the EEU is a weak diversification in countrywise terms. More than 90% of goods are supplied to Russia, which makes Belarusian industry dependent on the economic situation in one country. If a crisis occurs in the Russian economy, it has a mirror effect on the situation in Belarus. And if we take into account that 50-60% of the output of the manufacturing industry is sent abroad, the decrease in export supplies leads to overproduction, which cannot be compensated at the expense of the domestic market. The Belarusian government is actively seeking alternative sales channels, developing various marketing programs to stimulate demand for its goods in other countries,” reads the review.
Belarus’ foreign trade in services is concentrated mainly in the transport sector, which is partly due to the country’s geographic location and the implementation of the EEU measures to realize the Union’s export potential: Belarus is one of the three EEU countries that follow the route of China’s transport and logistics initiative “One Belt, One Road”. End