Belarusian trade deficit stood at $660.5 mln in 11M 2024 compared to surplus in 2023

MINSK. Jan 10 (Interfax) - Belarus had a trade deficit of $660.5 million for January-November 2024 compared to a surplus of $474.3 million in January-November 2023, the country's National Bank said.

There was a trade deficit of $299.7 million in January-October 2024, according to updated data.

Belarus had its first trade deficit for several years in Q1 2024. After this point, the trade balance fluctuated between deficit and surplus until September. The deficit showed continued growth after this month. Prior to that, the surplus had been narrowing since Q4 2022.

The deficit for January-November resulted from exports rising 3.8% to $45.19 billion while imports grew 6.5% to $45.85 billion.

Trade in goods and services rose 5.2% year-on-year to $91.04 billion.

The merchandise trade deficit rose 1.8-fold to $3.67 billion in 11M 2024. Merchandise trade grew 4.3% to $76.49 billion, with exports up 2.1% at $36.41 billion and imports rising 6.4% to $40.08 billion.

The services trade surplus grew 21.2% to $3.01 billion. Turnover rose 10.1% to $14.56 billion, with exports rising 11.8% to $8.78 billion and imports up 7.5% to $5.77 billion.

Higher global oil prices were the main reason for the trade deficit, Belarusian Prime Minister Roman Golovchenko said in the middle of June 2024. "As for the reasons, they are rather mundane: the world oil price has gone up. We buy crude [the sole supplier of oil to Belarus is Russia], which, consequently, affected the increase in the cost of imports," he said.

"The situation should change for the better based on the results of three quarters" and the expectation that prices for the main Belarusian export commodities will rise, he said.

Foreign trade rose 6.8% to $95.26 billion in 2023 after falling 6% in 2022, while the trade surplus narrowed by 89.5% to $480.7 million.

It was planned that exports would rise at least 7.6% in 2024.