11.04.2012
Snopkov: Belarus economy became really export-oriented in 2011
MOSCOW, 11 April (BelTA) – In 2011 the economy of Belarus became really export-oriented, Economy Minister of Belarus Nikolai Snopkov said speaking at the science-to-practice conference “Problems and Prospects of Development of the Belarusian Economy in the Single Economic Space with Russia and Kazakhstan” in Moscow on 11 April.
According to the minister, the foreign trade deficit of record minus 20% as against GDP in February 2011 was narrowed up to the economic security zone to make minus 3% by the end of the year.
According to him, due to some structural changes in trade flows, exports outpaced imports by more than 28%. In 2011, Belarus exported more than 60% of products, whereas in 2010 it was only 46%.
By early 2012, Belarus created a financial safety bag to fulfill its international obligations: foreign currency reserves were extended to the required level. “Today it is almost two months of imports. Now Belarus is close to ensuring the level of national security, which is equal to three months of imports,” said Nikolai Snopkov.
According to the minister, the foreign trade deficit of record minus 20% as against GDP in February 2011 was narrowed up to the economic security zone to make minus 3% by the end of the year.
According to him, due to some structural changes in trade flows, exports outpaced imports by more than 28%. In 2011, Belarus exported more than 60% of products, whereas in 2010 it was only 46%.
By early 2012, Belarus created a financial safety bag to fulfill its international obligations: foreign currency reserves were extended to the required level. “Today it is almost two months of imports. Now Belarus is close to ensuring the level of national security, which is equal to three months of imports,” said Nikolai Snopkov.