Belarus’ foreign trade deficit will exceed USD 2.5 billion in 2015

According to the National Statistics Committee, in January – October 2015, foreign trade deficit totalled USD 2.1 billion. Compared with 2014, the situation has somewhat improved due to a decline in imports of capital goods and lower energy prices. However, the deficit might increase up to USD 2.5 billion by the year-end due to reduced exports of potash and nitrogen fertilizers. Russia’s ban on vegetables from Turkey is unlikely to remedy the situation, as Russia will tighten control of all fruits and vegetables, supplied via Belarus. In addition, she may restrict Belarusian dairy products on the Russian market. A further decline in prices for oil and oil products may hit Belarus’ exports with a monthly loss up to USD 2 billion.