In 2011 Belarus’ trade deficit amounted to $1.64 billion, which was well below the forecast of $5.7 billion, Deputy Foreign Minister Alexander Guryanov told media on 13 March.

The year 2011 was quite successful for Belarus’ foreign trade because of various economic and institutional factors, said Alexander Guryanov. Belarus’ exports of goods and services were up 56.1%, which was a record high. The volume of export may be considered the most successful in the history of the sovereign Belarus. Even the most optimistic forecasts for export in 2011 expected the growth rate of 23-24%. “Thus, we did a very good job in terms of export growth,” Alexander Guryanov said.

Last year imports rose by 29.3%. This allowed achieving a sufficiently acceptable level of the deficit of foreign trade in goods and services, which made up, according to the revised data, $1.640 billion. This is less than the figure of $2.180 billion that was articulated earlier.

The revised deficit made up 30% less of the projected amount, Alexander Guryanov noted. “We were able to improve the foreign trade balance. It is important to note that the trade gap in goods was considerably narrowed. Besides, services surplus reached $450 million. The trade gap was a positive trend of 2011. The exports were 28.3% stronger,” the official said.

In 2011 the country increased exports in almost all commodity groups including a twofold growth in energy goods, a 50% increase in intermediate goods, 57% - in investment products and 34% - in nonfood consumer goods. Unlike in the previous years, the export growth in 2011 was mainly due to an increase in actual volumes.

Belta