Belarus' export down by over $2bn over tainted Russian oil, restrictions on oil products export

According to the minister, the Ministry of Foreign Affairs is well aware that foreign trade is the priority of its work at this stage. "Unfortunately, the results of foreign trade in 2019 are in contrast with the foreign policy results," he said.

“The export was seriously affected by the changes in the terms of trade introduced by the Russian Federation, despite Belarus' strict compliance with its obligations within the framework of its strategic partnership with that country. Due to Russia's restrictions on the export of oil products and due to the supplies of substandard oil, Belarus' export of oil-related goods fell by $2.055 billion,” Vladimir Makei said. “The export of other products rose by $1.084 billion, or 4.3%. It seems to be a good indicator, but it was enough to compensate only 52.8% of losses in the oil sector,” the minister said.

“In order to reach the goods and services export target set by the head of state, namely a 5.4% increase, we needed to ensure a 4% increase in merchandise export. In fact, the export of goods amounted to $32.9 billion and decreased by 2.9%, or by $970.5 million,” the minister explained.

Attending the meeting was Prime Minister Sergei Rumas. Speakers were the ambassadors of Belarus to Russia, Ukraine, Poland and Vietnam. The meeting took stock of what has been done out to understand the causes and circumstances of the current situation, and worked out ways of resolving it. “In the near future the number of challenges in foreign trade will only increase,” Vladimir Makei noted.