Belarus’ foreign trade 57.2% up to $47.8bn in January-July

Belarus’ export went up by 57.4% to reach $23 billion while the import increased by 56.9% to $24.8 billion. In January-July the foreign trade deficit totalled $1,762.1 million (the deficit is expected to make $1.4-1.42 billion in 2008). The deficit of the merchandise trade amounted to $2,819.8 million while the surplus of the foreign trade in services reached $1,057.7 million.

The Ministry of Statistics and Analysis attributed the increase in cost values of the foreign trade to rising average prices for exported and imported products. In comparison with January-July 2007 the average export prices went up by 46.7%, average import prices — 33.7%. The actual volume of exports rose by 9%, imports — 18.2%.

In January-July 2008 the foreign merchandise trade totalled $44.1 billion, with export as high as $20.5 billion, import — $23.6 billion. In cost terms in actual prices commodity export increased by 59.9% in comparison with the same period of last year, commodity import — 58%.

Export and import operations with intermediate products (energy products, raw materials, components) were the main source of the foreign trade deficit. Belarus imported $18.148 billion worth of intermediate products (70% up on January-July 2007) and exported $15.033 billion worth of intermediate products (70% up). The deficit of the foreign trade in energy products amounted to $1,642.9 million, $816.7 million more than in the same period of 2007.

Meanwhile, the foreign trade in investment products has improved. In January-July 2007 the surplus of the foreign trade in investment products went up from $271.8 million registered in January-July 2007 to $560 million in January-July 2008. The rise is attributed to a larger cost value of exported tractors and truck tractors ($305.9 million more), trucks ($139.8 million more), machines and mechanisms for harvesting and threshing agricultural crops ($125.8 million more). Apart from that, Belarus considerably reduced the import of agricultural machines.

In January-July 2008 the surplus of Belarus’ foreign trade in foods increased by 170% in comparison with January-July 2007 to make up $113.1 million. The value of exported food exceeded the import thanks to the larger export of beef, cheese and curd cheese, dry and condensed milk, sugar, butter, pork, tinned fish. Meanwhile, the deficit of the foreign trade in non-foods amounted to $546 million, with the import of cars, medications, leather footwear, synthetic detergents rising a lot.

Over the seven months of 2008 the value of the foreign trade in services reached $3.819 billion, 35.4% up on the same period of 2007.

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