Updated at 13:34,27-03-2023

Belarus plans to export more to Russia, China

Belarus plans to export more to Russia, China
Commodity flows will be re-channeled from Western countries and Ukraine into friendly nations, mostly Russia and China, First Deputy Economy Minister of Belarus Yuri Chebotar said at the meeting of the Vitebsk Oblast Executive Committee to discuss the region's industrial sector, BelTA has learned.

“Foreign trade has reached a state of balance and we believe this balance will be preserved. Over the past three months, the export grew by 4.8% year-on-year, the trade surplus approached $1 billion. As far as manufacturing is concerned, this sector was affected by the sanctions the most, but at the same time it quickly bounced back despite the unfavorable environment. According to regulators, it takes 2-3 months to rebuild logistics, resolve the issues related to the purchase of raw materials and components, and launch additional production processes,” Yuri Chebotar said.

He also stressed that about half of the measures adopted by the government to support the economy has already been implemented. Export promotion takes center stage in the document. "Russia is the key market for us. Commodity flows will be redirected from Western countries and Ukraine, first of all, to Russia and China. Withdrawal of a number of foreign companies from the Russian market opens up additional opportunities for Belarusian exporters. Where we already hold a significant share, we can step it up. We work in the Chinese market according to a well-established scheme: via industry export applications. Today, we are well-positioned to hit the mark of $2 billion by the end of the year," Yuri Chebotar said.

As for the enterprises of Vitebsk Oblast, the government has provided certain financial support to the paper factory Krasnaya Zvezda in Chashniki, support with paying interest on loans - to light industry enterprises such as Orsha Linen Mill and the leather and footwear company Marko.