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Belarus’ foreign trade surplus in 2023 projected at $1.6bn

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MINSK, 30 November (BelTA) – Belarus’ foreign trade surplus in 2023 is projected to be $1.6 billion. This is envisaged by the main monetary management guidelines for the year 2023 approved by the presidential decree, BelTA has learned.

“In the context of the upcoming upgrade of existing production facilities and creation of new ones, the country will need more investment goods from abroad, and this will have an impact on the state of foreign trade and the balance of payments as a whole. In 2023, the surplus of foreign trade in goods and services is projected to be $1.6 billion. The external financial resources that will be used to implement investment projects will help maintain a balanced balance of payments,” the document says.

According to the guidelines, in 2023 the external economic environment will represent challenges for the domestic economy. It is expected that the sanctions will remain in place, the global inflation will be rather high, the global economic growth will slow down. In order to minimize the negative impact of external factors, the state economic policy provides for redirecting exports and building new transport and logistics routes, developing industrial cooperation within the Union State and the Eurasian Economic Union, implementing import substitution programs, and restructuring the system of settlements.

The economic growth in 2023 is projected at the level of 3.8% in comparable prices, real disposable money income of households will grow by 4.1%, investments in fixed capital will increase by 22.3% in comparable prices, the export of goods and services will inch up by 5.5%.

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