Halting solvent smuggling causes drop in balance of trade

The National Statistics Committee of Belarus reports the balance of trade in goods almost reached zero in July.

The balance of foreign trade in goods was only $23.2 m in July showing a 18.5fold decrease in comparison with June, onliner.by quotes a press release on the trade balance of Belarus in January – July 2012 issued by the Statistics Committee.

According to the fresh data, the volume of exports of goods in July 2012 fell by $266.9m to $3.95bn against $4.22bn the previous month. Imports increased by $140.7m from $3.79bn in June to 3.93bn in July.

This caused a slump in trade surplus to $23.2m from $430.8m the previous month.

This sharp drop can be explained by closing down exports of solvents and lubricants made of Russian oil without paying export duties to Russia.

It should be noticed that Russia continued supplying raw materials to produce solvents and thinners some days in July. The supplies were fully blocked in August, which will have even greater effect on the balance of trade of Belarus.