Belarus` trade deficit reported at $1,070 million in first half of 2007 :: Charter'97 :: News

Belarus had a trade deficit of $1,070 million in the first six months of 2007, according to the Ministry of Statistics and Analysis.

The import surplus in trade with Russia reportedly increased to $3,336.7 million from $3,206.4 in the first six months of 2006.

The ministry links the increased trade deficit to a rise in the import of intermediate goods, such as oil, gas, raw materials and components. The nation imported $9,013.7 million worth of intermediate goods over the first six months of 2007, a 21.2 percent year-on-year increase, while the export of intermediate goods totaled $7,390.1 million. Belarus` import surplus in trade in intermediate goods grew from $812.5 million in the first half of 2006 to $1,623.6 in the same period of 2007. "Energy products" accounted for 46.8 percent of the export and 46 percent of the import of intermediate goods. Some $3,457 million worth of energy products were exported by Belarus from January through June of 2007, an 8.8-percent year-on-year decrease. Belarus had a deficit of $687.6 million in trade in energy resources, whereas it had a $117.7-million export surplus in the same period in 2006.

The trade deficit was largely fueled by a reduction in Belarus` crude oil exports, which had reached $326.4 million in the first six months of the previous year, and by increased imports of natural gas in terms of value after a more than double rise in its price.