24 May 2023 14:21

Belarus boosts exports to Russia by 1.6-fold in Q1 2023, to China by 2.4-fold

MINSK. May 24 (Interfax) - Belarus boosted export shipments to Russia 1.6-fold year-on-year in Q1 2023, and the country ramped up exports to China 2.4-fold year-on-year in the period, First Deputy Prime Minister Nikolai Snopkov said when speaking in parliament on Wednesday.

"Exports of goods and services in the first quarter of 2023 reached a record high for the past 10 years, and the positive foreign trade balance remains. Deliveries increased nearly 60% to Russia, or $2.2 billion, and they surged 2.4-fold to China, or by $404 million," Snopkov was quoted as saying in parliament by the BelTA state news agency.

Snopkov said that the trend of monthly growth in exporting goods continues because of the rise in physical volumes amid the decrease in export prices, thus exports totaled $3 billion in January this year, $3.2 billion in February, and $3.6 billion in March.

"Export losses from the effect of sanctions were fully offset in the first quarter of 2023 as a result," Snopkov said.

Snopkov said that shipments to Russia rose 40%, or $6.6 billion, in 2022; and to China they grew 1.8-fold, or by $700 million.

"High investment demand in Russia for Belarusian machine engineering products and strict weekly government control over actual deliveries facilitated this," he said.