Leanid Zlotnikau: Belarus's export to EU hit by decline in oil prices

The reduced volume of trade with the European Union is caused by the decline in oil and oil products prices.

Economist Leanid Zlotnikau said it in an interview with Radio Svaboda.

“Prices of the main thing we export to the EU – petroleum products – have fallen by about 60%,” he says. “The export of oil products to Europe gave Belarus 29-30% of the total trade turnover last year. Almost half of Belarus's oil products goes to Europe. It is about 60% of the country's total export to the EU. It is clear that the export fell mostly due to petroleum products.

These losses cannot be compensated by sales of potash fertilisers. I know that foreign currency proceeds from fertilisers increased by 6% in the first quarter of the year. But only a small part is exported to Europe. The greater part is sold in China, India and Brazilia.”

According to the National Statistical Committee, Belarus's trade with EU countries fell by 28.9% to 3,730.7 million dollars in January-March 2015 compared by January-March 2014.