Belarus achieves first trade surplus in September amid sanctions shift
Belarus has achieved a significant milestone in its trade balance, posting its first positive goods trade balance in September with a surplus of $71 million. This comes after a successful adaptation to sanctions and a strategic shift in trade flows.
The country's trade surplus for the period January to September 2023 has already exceeded $0.5 billion. This impressive figure is underpinned by a notable increase in exports to friendly nations, with a 14% growth in their share of Belarusian exports.
Belarus has effectively rerouted its trade flows, fully shifting from Western countries and Ukraine to friendly nations. This strategic move has proven successful, with exports to Russia reaching record highs of $18.7 billion in the first nine months of the year. The country is also expanding its presence in the Chinese market, with a more than 10% increase in exports.
This growth is not limited to specific regions. Exports to Asian countries have increased 1.5-fold, and to North and South America by 1.4-fold. The overall export volumes in value terms are the highest in the past 11 years. Notably, consumer goods exports have grown by 111.7%, and investment goods by 106.6%.
Belarus' economy has demonstrated remarkable resilience and adaptability in the face of sanctions. The country's successful rerouting of trade flows and increased exports to friendly nations have resulted in a significant trade surplus. With continued expansion into markets like China and Asia, Belarus' trade prospects look promising.
