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Belarus had $2.6-billion foreign trade deficit in first five months of 2011

 

Belarus had a deficit of $2.6 billion in foreign trade in goods and services in the first five months of 2011, according to the National Statistics Committee, said BelaPAN.

The Committee noted that the growth of exports outpaced that of imports in the period, and that the country had an export surplus of $116.6 million in May.

The volume of foreign trade in the first five months of 2011 was reportedly 53.8 percent larger than in the same period of the previous year, with exports increasing by 54.8 percent and imports by 52.9 percent year-on-year.

Belarus reportedly had an export surplus of $909 million in foreign trade in services, or 154.7 million more than in the first five months of 2010. The export of services increased by 20.7 percent to total $2.1 billion.

The above-stated data were reportedly calculated according to the balance of payment method.

If calculated by the balance of trade method, which is based on customs statistics, Belarus' exports of goods exceeded $3.5 billion in both April and May, the Committee said. The country's previous record-high monthly export level of $3.3 billion was reached in June 2008.

In the first five months of 2011, the export of petroleum products was 110 percent higher than in the same period of 2010, the export of tractors and trucks was 60 percent higher, the export of meat and meat products was 50 percent higher, the export of tires was 36.5 percent higher, the export of iron and steel was 35 percent higher and the export of potash was 33 percent higher.

According to the National Statistics Committee, Belarus' deficit in foreign trade in goods and services reached $7,425.6 million in 2010, whereas the upper limit for the year was initially set at $4,370 million and subsequently raised to $4.7 billion.

The government has not released its trade deficit projection for 2011.