Revenue Of Authorities On Foreign Trade Fell By 10.5%

During 2016 the volume of foreign trade of Belarus decreased by 10.5%.

In 2016 Belarus' foreign trade turnover of goods amounted to 50 billion 985.2 million US dollars, which is 10.5% less than in 2015, BelaPAN reports.

Exports amounted to 23 billion 415.5 million dollars (12.2% less), imports amounted to 27 billion 569.7 million dollars (9% less). According to the results of 2016 compared to the previous year, exports of goods in natural terms fell by 0.2%, imports fell by 2.7% while the average export price fell by 12%, the average import price fell by 6.5%.

Earlier, the Deputy Director of the Center of System Analysis and Strategic Research of the National Academy of Sciences of Belarus Georgy Grits linked the imbalance in foreign trade in 2016 with the reduction in Russian oil supplies and the decrease in exports of petroleum products. "This caused losses which exceeded the benefits expected from our proposals to reduce gas prices. It was a losing option, and we are now reaping its fruits," – the expert noted. According to him, the conflict related to the supply of meat and dairy products in Russia has also affected the situation. "It's simply impossible to replace this market by other markets," – Grits stressed.