Business news
Surplus of Belarus’ foreign trade in H1 2020 secured
MINSK, 25 August (BelTA) – In H1 2020 Belarus secured a surplus of the foreign trade in merchandise and services. Prime Minister of Belarus Roman Golovchenko made the statement at a session of the Council of Ministers’ Presidium on 25 August, BelTA has learned.
According to Roman Golovchenko, in H1 2020 the surplus amounted to $757 million, $488 million up from last year. It is a good figure for the balance of payments and for macroeconomic balance. Trade in services still plays a crucial role in achieving the foreign trade surplus.
According to the National Bank of the Republic of Belarus, in H1 2020 the country’s export totaled 83.1% as against H1 2019. Roman Golovchenko said: “The result can be partially explained by the pandemic, frozen markets, an entire set of external factors, which undoubtedly have influenced the state of foreign trade. Prices and available commodities on foreign markets changed. There were problems in the oil processing industry and other branches. Nevertheless, a number of branches of the economy felt virtually no impact of the epidemiological restrictions and even improved their foreign trade results. The export of agricultural products and food rose by 6.4%, education services by 3.1%, and computer and information services by 21.6%.”
Roman Golovchenko stressed that foreign diplomatic missions play a major role in promoting Belarusian goods and services to foreign markets. They should step up their efforts, he pointed out. Roman Golovchenko also reminded that it is necessary to achieve the 30-30-30 export formula. In H1 2020 the share of export to the Eurasian Economic Union States was 50.2%, the share of export to the European Union 17.1%, the share of export to other countries 32.7%. He attributed the decrease in the export to the European Union to the lower export of petrochemical products to Europe.
Roman Golovchenko stressed: “Despite objective problems export results might have been considerably better. The market is gradually recovering. We have advantages: we didn’t suspend the operation of enterprises, suffered fewer losses, accumulated certain results, this is why we have something to offer. It is important not to miss out on opportunities. We have tools to support and stimulate export. We should move forward.”
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