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Belarus’ trade surplus is not only due to export of crude oil, petroleum and petrochemical products, says deputy economy minister

Belarus’ trade surplus this year is not only due to the export of crude oil and petroleum and petrochemical products, Deputy Economy Minister Alyaksandr Yarashenka told reporters in Minsk on Wednesday.

According to Mr. Yarashenka, if these commodities were not taken into account, the country’s exports would still exceed its imports by 20 percent.

Mr. Yarashenka noted that Belarus’ export of goods increased by more than $4.6 billion year-on-year in the first five months of 2012, with the export of oil and petroleum products, including solvents, accounting for almost 50 percent of the export increase. But if these export items were deducted from the total volume of exports, Belarus would have an export increase of $2.34 billion, he said.

According to him, the export of trucks increased by 40 percent year-on year and that of farm tractors by 10 percent in the first five months of 2012.

Mr. Yarashenka noted that Belarus had to export around 65 percent of its output to ensure a balance-of-payments equilibrium. This target was fully met, he stressed.

He said that some $800 million collected in export duties was transferred to the Russian treasury in the first five months of the year, as required by agreements with Russia.

An export surplus equal to 13.3 percent of GDP was reached in the period, which suggests that the Belarusian economy “managed to adapt itself and shift the focus to external markets,” he said.

While meeting with the heads of Belarus’ diplomatic missions abroad on July 10, Deputy Foreign Minister Alyaksandr Huryanaw said that the share of crude oil, petroleum products and solvents in the total volume of exports increased from 31 to almost 48 percent in the first five months of the year. According to him, these three export items accounted for 80 percent of the increase in exports in the period. //BelaPAN