Updated at 19:56,22-01-2021

Belarus has exhausted the export advantages of devaluation

Belarusian enterprises-exporters have exhausted the export effect of the currency devaluation, Deputy Foreign Minister Alexander Guryanov said at a press conference in Minsk on Tuesday.

"Enterprises-exporters are now working in terms of currency stabilization and must rely on other factors", Deputy Minister of Foreign Affairs said.

Among these factors Guryanov named the removal of trade barriers, the absence of excessive demand for passenger cars, which was in 2010 and in the first half of 2011, as well as the reduced price of gas, and the best, compared to 2011 year, conditions of supply of Russian oil.

"There is every reason to reach a positive balance", "Interfax-West" quoted Guryanov.

In particular, Belarusian side hopes to win $3 billion due to the removal of various trade restrictions, as in the CU and in the EU.

"Being part of the "triple" we are completing the process of preparing an agreement on free movement of goods, which will eliminate any restrictions in the mutual trade", he stressed.

Deputy Foreign Minister said that in 2011 the negative foreign trade balance amounted to $1.640 billion, "This figure was less than 30% of the forecast we have given. We predicted minus $5.7 billion", he reminded. At the same time A.Guryanov stressed, the growth is also provided at the expense of physical volumes, not only because of the price situation, as has happened before. "Compared with 2010, in the last year we increased the supply of petroleum products by $ 7.7 billion, and potash fertilizers - more than $1 billion, tractors and trucks by $600 million, beef $100 million, etc", Guryanov explained.

The deputy minister reminded, that in 2012 the export growth should reach 111.8 - 112.5%​​, trade surplus - $1.5 billion, "The date of January indicates that we can reach this figure. In January the foreign trade balance in goods and services was positive at $315 million", he mentioned.