Foreign trade figures of Belarus

Foreign Trade in Figures

The Belarusian economy is predominantly state-owned, with over 70% of GDP generated by public or parastatal enterprises. Simultaneously, it remains highly open to international trade, which constitutes 122% of its GDP (World Bank, latest data available). Belarus exports a variety of products including oil and petroleum products, fertilizers, trucks and tractors, spare parts, milk and cheese, meat products, furniture and timber, and tires. A significant portion of its manufactured goods, over 60%, is exported to foreign markets. Notably, the mechanical engineering industry plays a crucial role, with 75% of goods in this segment sold outside the country (official governmental data). On the import side, Belarus primarily brings in petroleum oils, petroleum gas, motorized vehicles for passenger transport, and medicaments (data by Comtrade).

In 2022, Belarus' major trading partners included Russia (35.0%), Poland (4.0%), Ukraine (3.0%), Lithuania (3.0%), and Germany (2.0%). Conversely, imports were chiefly sourced from Russia (28.6%), China (8.1%), Germany (3.6%), Ukraine (3.4%), and Poland (2.5% - data Comtrade). Due to historical ties from the Soviet era, Belarus' economy remains heavily concentrated on the Russian market, serving as both a major outlet and supplier. Notably, in 2022, Belarus achieved a trade surplus with Russia for the first time. Recent developments have seen strengthened trade relations with China, particularly through Beijing's New Silk Road project. However, the European Union, Belarus' second-largest trading partner, withheld ratification of the bilateral partnership and cooperation agreement due to concerns over "Belarus' lack of commitment to democracy and political and civil rights."

Belarus' trade balance has experienced fluctuations in recent years. In 2022, exports amounted to USD 22.8 billion (-42.6% y-o-y) for goods and USD 9.2 billion (-10.8%) for commercial services, while imports totaled USD 38.6 billion (-6.6% y-o-y) for goods and USD 5 billion (-11.3%) for commercial services (data by WTO). The World Bank reports Belarus registered a trade surplus of 5.8% of GDP in 2022 (from 5.6% one year earlier). Preliminary figures from Belstat indicate that in 2023, the foreign trade turnover of Belarus reached USD 83.4 billion, with exports at USD 40.1 billion and imports totaling USD 43.2 billion.