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Snopkov: Growth of industrial production fueled by strong external demand

MINSK, 8 August (BelTA) – Growth of industrial output relies on strong external demand, Belarusian First Deputy Prime Minister Nikolai Snopkov said at a meeting of the Council of Ministers to review the economic performance in H1 2023, BelTA has learned.

Nikolai Snopkov emphasized, the growth of industrial output relies on strong external demand. Export growth targets are met by most concerns and ministries. "The growth in merchandise exports has been secured mainly due to exports to Russia and friendly countries. The growth is $5.6 billion. It is gratifying to note that we have fully made up for the decline in exports to Ukraine and unfriendly states," Nikolai Snopkov said.

According to him, imports of goods are growing at a higher rate than exports. "As a result, in the first half of the year we had a foreign trade deficit of $1.6 billion as against the surplus of $125 million in H1 2022," Nikolai Snopkov said. “On the one hand, investment imports are growing. They are needed for new enterprises and modernization of existing ones. On the other hand, rapid growth of imports of non-food consumer goods requires special attention. We imported $1.4 billion more of such goods than we exported. At the same time, we exported $1 billion more of food products. Seems like an approximate balance, but  the trend is not positive.”

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