Belarusian foreign trade under pressure from recession in Russia
In December 2014, foreign trade deficit totalled USD 1369.7 million, an all-time low since November 2010.
Main factors, which influenced this situation were devaluation of the Russian rouble, and fall in petrochemicals and oil price. In the short run, the foreign trade deficit might be reduced due to the reduced demand on imports. The moratorium on VAT repayments will be prolonged, and the Belarusian rouble‟s devaluation will reduce the number of Belarusian customers in Ukraine and Russia, as well as, chaotic imports to Belarus. However, the positive effects from the reduced imports might be offset by lower profit margins from exports of petrochemicals and reduced sales of anti-oxidants and bitumen mixtures.