Business news

MINSK, 26 November (BelTA) – Belarus’ exports to Latvia rose more than 1.5 times in January-September 2018 over the same period 2017, Ambassador Extraordinary and Plenipotentiary Ambassador of Belarus to Latvia Vasily Markovich told BelTA.

According to the head of the diplomatic mission, Belarus’ exports to Latvia amounted to $390.8 million (up by 54.2%) in January-September.

“Without petroleum products, bitumen, nitrogen and potash fertilizers, petroleum gases and other gaseous hydrocarbons, the trade increased by $163.1 million to $332.1 million,” Vasily Markovich informed.

During this period Belarus’ export of hot-rolled bars from unalloyed steel to Latvia rose 23 times, that of Belarusian tractors and truck tractors 16.2 times. Export of watches surged 5.8 times, deliveries of cement nearly 4 time. Belarus increased the export of products made of cement, concrete or artificial stone 3.8 times, antiknock compound and antioxidants 3.3 times. “Belarus has stepped up deliveries of paints and lacquers, fuel wood, plastic containers, metal structures made from non-ferrous metals, timber products, furniture and other goods. This shows that the demand for Belarusian goods in Latvia has been growing. So is the interest of the two countries in economic cooperation,” the Ambassador said. However, the exports of petroleum products, fertilizer, polyamides, cars and insulated wires have decreased during this period.

Latvia is an important trading partner and investor in Belarus, and is a major transit corridor for Belarusian exports to third countries, the Ambassador said.

This is evidenced by the bilateral trade figures. Thus, in January-September 2018 it reached the mark of $465.2 million, which already exceeds the trade for the entire 2017. In January-September this year Belarus had a surplus of $316.4 million. During the period under review imports from Latvia reached $74.4 million.