07.03.2012
Economy Ministry: Belarus’ foreign trade deficit within safe limits
MINSK, 7 March (BelTA) - Belarus' foreign trade deficit in 2011 was within safe limits, the head of the main foreign economic policy department at the Economy Ministry, Roman Brodov, said when analyzing the foreign trade results in 2011, and the targets for 2012.
“The foreign trade deficit in 2011 was about 3% of GDP, which was within safe limits,” Roman Brodov. He also noted that in 2011, the deficit of foreign trade in goods and services was $1.6 billion. “This is 4.5 times better than in 2010. This is the best result we have had over the past six years," he said.
Many of the factors that determined the deficit in 2011 happened for the first time, said Roman Brodov. The government never expected that the import and re-export of cars by individuals would be so big. The Economy Ministry estimated the turnover of this sector of the market in 2011 at $1 billion. As a result of the weakened Belarusian ruble, export from the Republic of Belarus of consumer goods and foodstuffs became economically lucrative. This also determined the inflow of cash currency. In some border areas the illegal export of fuel reached commercial quantities.
As for the foreign economic activity in 2011, Roman Brodov noted that the export increased by 56% in comparison with 2010, the import by 29%. This is a record export/import gap for the Republic of Belarus, he said. The export growth was attributed more to the physical volume of the country’s sales. In practice it meant a wide expansion of the geography of the Belarusian export. Roman Brodov is confident that national producers will keep the new markets in 2012. It is also important to preserve the ratio of the export to the total industrial output. Last year foreign markets purchased 61.5% of the goods produced in Belarus. It is worth mentioning that nearly 80% of the export growth in 2011 hardly depended on the devaluation factor.
“The foreign trade deficit in 2011 was about 3% of GDP, which was within safe limits,” Roman Brodov. He also noted that in 2011, the deficit of foreign trade in goods and services was $1.6 billion. “This is 4.5 times better than in 2010. This is the best result we have had over the past six years," he said.
Many of the factors that determined the deficit in 2011 happened for the first time, said Roman Brodov. The government never expected that the import and re-export of cars by individuals would be so big. The Economy Ministry estimated the turnover of this sector of the market in 2011 at $1 billion. As a result of the weakened Belarusian ruble, export from the Republic of Belarus of consumer goods and foodstuffs became economically lucrative. This also determined the inflow of cash currency. In some border areas the illegal export of fuel reached commercial quantities.
As for the foreign economic activity in 2011, Roman Brodov noted that the export increased by 56% in comparison with 2010, the import by 29%. This is a record export/import gap for the Republic of Belarus, he said. The export growth was attributed more to the physical volume of the country’s sales. In practice it meant a wide expansion of the geography of the Belarusian export. Roman Brodov is confident that national producers will keep the new markets in 2012. It is also important to preserve the ratio of the export to the total industrial output. Last year foreign markets purchased 61.5% of the goods produced in Belarus. It is worth mentioning that nearly 80% of the export growth in 2011 hardly depended on the devaluation factor.