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Currency gain of Belarus lowered by $2.5 billion

Currency gain of Belarus lowered by $2.5 billion

In January-March 2015 currency earnings of the country were equal to $7.74 billion, and they dropped by $2.5 billion as compared to the analogous period of the last year.

According to BelaPAN, this year currency earnings are at the minimal level since 2011.

In March taken alone foreign currency returns due to exports of goods and services, earnings and transfers were at the level of $2.9 bn, which is 22.5% lower than the level of the analogous period of the last year. We remind that in February and January currency earnings were $2.3 billion and $2.55 billion (as compared to $3.3. billion and $3.2 billion in February and January 2014 respectively).

A considerable decrease of currency returns in Q1 of the year 2015 is caused mostly by decrease of the volume of exported goods. In January-February this year currency flow to Belarus from goods exports were equal to $6.1 billion, and dropped by 26.9% as compared to the Q1 of 2014. Considering services, currency returns were $7.56 billion.

The predominant reason of export earnings shortfall was a decrease of Belarusian deliveries to Russia. In the first quarter of 2015 money received by Belarus from Russia were equal to $2.76 billion, which is by 34.3% less than in the analogous period of 2014.

It should be noted that simultaneously with decrease of currency returns of Belarus, payments for imports have dropped as well. In Q1 of 2015 payments of Belarus in return for imported goods and services were $6.7 billion and lowered by 29.3% as compared to Q1 of 2014.

As imports have decreased more than exports, the balance of external payments for goods, services, earnings and transfers was positive in Q1 of the year 2015 and was equal to $782.6 million.

We remind that last week a session of the Council of Ministers was held to review foreign trade results in January-February. The Prime Minister Andrei Kabyakou expressed concern that despite of a positive balance in the foreign trade, there is a considerably decrease in Belarusian exports.

“Though summarizing the results of January-February there was a positive balance of foreign trade in goods and services ($683.5 million), an important estimated figures in export has not been reached,” the head of the state stressed.

He stated that it has become more difficult for Belarusian enterprises to work in the Russian market, as the complicated economic situation makes Russia defend its market, its manufacturers.

“The situation in the external trade confirms that a more dynamic change of focus in the exports policy from the Russian market to other directions is needed,” Kabyakou noted.

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