11-07-2012 14:35 Belarus
Belarus’ export grows faster than import by 32.3% in January-May
The export growth was 32.3 percentage points bigger than the import growth in Belarus in January-May 2012, chief of the monetary regulation sector of the Institute of Economics of the National Academy of Sciences of Belarus Marina Markusenko told reporters on 10 July.
The higher export growth allowed reversing the trade deficit in January-May and reaching a trade surplus of over $3 billion. A year ago, the trade deficit stood at $2 billion. Over the five months, the commodity trade surplus made up $1.7 billion; the surplus in the trade in services was estimated at $1.3 billion.
The export of oil products, dilution agents and solvents, lubricating oils, trucks, truck tractors, and tractors also expanded on the back of a favorable market environment. At the same time the situation on the market of potash fertilizers deteriorated; the supplies of potassium dropped by 24% in physical terms.
Marina Markusenko pointed to a high concentration of Belarusian export. Six major commodities account for nearly 59% of export. Besides, the share of exports to the EU countries increased compared with that to the SES member states.
The share of exports to the Customs Union member states made up 31.9% in January-May, to the EU 47%, to other countries 21%. The share of imports from the Customs Union was estimated at 65.1%, from the EU 17.1%, from other countries 17.8%.
Oil products account for 33.6% of exports, dilution agents and solvents 10.4%, lubricating materials about 4%.
Chief of the analytical center of the Economics Research Center of the Economy Ministry Olga Semashko told the press conference that Belarus is taking advantage of the favorable situation and pricing trends on the global market. The average export prices for truck tractors, tires and potash fertilizers grew by 20%. The export is increasing both in physical and monetary terms. Over the five months this year, the export of trucks, dairy products and milk, chemical products and farm machines expanded considerably.
The domestic market is supplied with all the necessary goods, Olga Semashko noted. “This means the export growth is not detrimental to the domestic market,” she said.
The expert reminded that the target was set to increase the trade surplus up to $1.5 billion in 2012.