Belarus’s foreign currency earnings, according to the National Bank, in January—September amounted to 21.4 billion dollars and decreased in comparison with the same period last year by 14%, or $ 3.5 billion.
Reducing foreign exchange earnings of Belarus in the current year is due largely to the decrease in export earnings. So, receipts from exports of goods in January—September this year amounted to 16.7 billion dollars and decreased in comparison with the same period of 15.8%, or more than $ 3 billion.
Earnings from exports of services in January—September was at the level of 4.18 billion dollars and decreased by 6.1% compared to the same period last year, or 311,6 million dollars.
As evidenced by data on foreign trade, the main negative impact on the dynamics of the foreign exchange earnings of Belarus had a decrease (in monetary terms) of exports of Belarusian oil products, oil and potash, which are implemented in Asia and Western Europe.
The result of Belarus’s foreign currency earnings in January—September came from the countries outside CIS made up 11.72 billion and decreased compared to the same period last year by almost 3.16 billion dollars.
Exports of goods and services and, as a result, Belarus’s foreign currency earnings has been declining for the fourth consecutive year. So, in 2013 compared to 2012, Belarusian exports decreased by 15.1% in 2014, 1.7% in 2015, and by 24.2% in January—September of the current — 12.5% compared to the same period last year.
According to Belarusian economists, the decline in exports and foreign exchange earnings is due mainly to two reasons.
The first is the decrease of world market prices of exported Belarusian petroleum products and the reduction of demand for potash fertilizers.
“Another reason for the reduction of foreign exchange earnings has deeper roots and is linked to decline of competitiveness of Belarusian enterprises”, — said in comments to the BelaPAN senior researcher at the Belarusian economic research and educational centre (outreach) Catherine Bornukovo. In particular, according to her, Russia’s accession to the world trade organization in 2012 has led to the fact that competition on the primary market for Belarusian products has increased and domestic exporters became more difficult for her to sell.
