Business news

1 Dec 2023

Belarus to increase export to Africa by at least 2.5 times in 2024

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MINSK, 1 December (BelTA) – Belarus intends to increase export to African countries by at least 2.5 times in 2024. Belarusian Deputy Economy Minister Andrei Kartun made the relevant statement on the air of the TV channel Belarus One, BelTA has learned.

Andrei Kartun said: “The key task for Belarusian exporters is new geography, new routes, new quality. In other words, while preserving and stepping up presence on traditional markets, they have to more actively look for trade partners in remote countries and offer the goods that meet all the requirements of the consumer. Close attention should be paid to the African continent. In 2024 we intend to increase export to this region by at least 2.5 times. Staple markets have already been determined: Egypt, Kenya, Nigeria, Zimbabwe, South Africa, and Equatorial Guinea. We intend to increase deliveries of food, machines, equipment, chemical goods.”

When asked about promising avenues of export specialization of the Belarusian economy, the official urged to focus on products, which are less dependent on minute changes on international markets. Those are primarily investment goods and consumer goods. And it is necessary to focus on promotion, to actively use effective tools of merchandising, quality service, and capabilities of digital commerce.

According to Andrei Kartun, Belarusian products are present on markets of over 150 countries. The fact convincingly demonstrates the high demand and competitive ability of Belarusian goods. “In January-September 2023 export exceeded $35 billion. It is a ten-year high. Some decrease in average export prices has been compensated for by an increase in physical volumes – nearly 27% up from last year. Belarus continues diversifying export flows. Deliveries to friendly countries increased by 1.3 times, with their share in export up by 14 percentage points. The withdrawal of Western suppliers and manufacturers has allowed us to gain nearly 20% on the Russian market. Deliveries to Asia increased by 1.5 times, to South America by 2.4 times. As a result, the foreign trade surplus exceeded $0.5 billion in January-September,” he said.

Andrei Kartun also mentioned the existing export promotion tools. “If we talk about financial tools, then there are three key export decrees signed by the head of state: No.466, No.534, and No.412. They allow compensating for some of the costs incurred by private sector due to the participation in expos, due to product certification, the payment of leasing and loan payments to buyers of Belarusian goods and so on. This support will remain in 2024, too. The state budget appropriations in 2024 will increase by nearly 20% in comparison with this year’s target,” the deputy economy minister noted.

Apart from that, the Development Bank of the Republic of Belarus, the Belarusian Chamber of Commerce and Industry, the National Marketing Center, and the Agency of International Business Development offer consulting and marketing assistance, assistance with finding foreign partners, and assistance with establishing business contacts.



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