Belarus-Russia trade past $25bn in H1 2024

Belarus’ main trade partner is the Russian Federation. Roman Golovchenko mentioned an increase in mutual trade turnover. “The situation is normal. We’ve already gone beyond $25 billion over a period of half a year. Our export to Russia increased and Russian export to Belarus rose. Our export increased by 0.4% in U.S. dollar terms,” the prime minister stressed.

He added that many contracts with Russian partners are signed in Russian rubles and earnings are transferred using Belarusian rubles. “Both in terms of Russian rubles and Belarusian rubles indicators of export [growth] to the Russian Federation are measured in two-digit numbers. Way more than in U.S. dollar terms. I think it is a much more correct way to calculate things,” Roman Golovchenko said.

The prime minister mentioned what goods are exported to the neighboring country. “A serious increase in shipments to the Russian Federation was registered in July. The agricultural segment slows us down a bit. Purchases of agricultural machines in the Russian Federation are declining: both machines made by Russian manufacturers and Belarusian ones. Due to a number of reasons such as the high cost of borrowed resources. Agricultural machines are bought primarily via leasing schemes in the Russian Federation. And the situation on the grain market is not very good. This is why sales of agricultural machines have slumped for now but they have been compensated for by deliveries of other kinds of machines and vehicles,” Roman Golovchenko said.

The Belarusian head of government noted that the number of Russian regions, trade with which has exceeded $1 billion, is increasing. “We have five of them. We nearly have six. Those are traditional regions: Moscow, St. Petersburg, Tyumen Oblast, and a number of other ones. Last year saw serious growth of trade with the Russian Federation. I think we will even surpass it this year,” Roman Golovchenko assured.