{"id":91922,"date":"2024-06-21T09:51:56","date_gmt":"2024-06-21T06:51:56","guid":{"rendered":"https:\/\/pozirk.online\/en\/longreads\/91922\/"},"modified":"2024-06-21T09:51:58","modified_gmt":"2024-06-21T06:51:58","slug":"trade-deficit-seen-as-alarming-sign","status":"publish","type":"longreads","link":"https:\/\/pozirk.online\/en\/longreads\/91922\/","title":{"rendered":"Trade deficit seen as alarming sign"},"content":{"rendered":"\n<p><strong>The Belarusian economy is booming, but exports have slowed down despite the government&#8217;s all-out effort.<\/strong><\/p>\n\n\n\n<figure class=\"block-image block-image-normal\">\n\n    <img decoding=\"async\" width=\"1128\" height=\"752\" src=\"https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com.jpg\" class=\"attachment-full size-full\" alt=\"\" srcset=\"https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com.jpg 1128w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com-354x236.jpg 354w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com-734x490.jpg 734w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com-178x118.jpg 178w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com-768x512.jpg 768w\" sizes=\"(max-width: 1128px) 100vw, 1128px\" \/>\n    <figcaption>\n        \n                    <div class=\"block-image__author\">\n                                <span>(pixabay.com)<\/span>\n            <\/div>\n            <\/figcaption>\n<\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Exports of services balance trade<\/strong><\/h2>\n\n\n\n<p>For many years, exports of IT and transportation services exceeded imports, helping Belarus balance trade or achieve a surplus.<br><br>In January-April, however, the government reported a deficit of $154 million.<br><br><strong>Trade in goods and services,<\/strong> $M<\/p>\n\n\n\n<p>January-April 2023<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish\"><div class=\"wp-block-embed__wrapper\">\n<iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"Interactive or visual content\" src=\"https:\/\/flo.uri.sh\/visualisation\/18413998\/embed#?secret=DEXVQiHKNn\" data-secret=\"DEXVQiHKNn\" frameborder=\"0\" scrolling=\"no\" height=\"575\" width=\"500\"><\/iframe>\n<\/div><figcaption class=\"wp-element-caption\">Export of goods and services<br>Import of goods and services<br>Surplus<br>Export of goods<br>Import of goods \u200b<br>Deficit<br>Export of services<br>Import of services<br>Surplus<br>\u00a0<br>Source: National Bank of Belarus<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Imports exceed exports<\/strong><\/h2>\n\n\n\n<p>Imports of goods and services outpaced exports. In the first four months, sales increased by only 2.1 percent year on year, while purchases went up 4.1 percent. Trade went from a $147-million surplus in January-April 2023 into a $154-million deficit.<\/p>\n\n\n\n<p>Trade in goods grew by 3.8 percent, while trade in services decreased by 0.9 percent.<br><br>Imports of goods outpaced exports, while exports of services decreased faster than imports.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Sanctions take their toll<\/strong><\/h2>\n\n\n\n<p>The trend is directly related to sanctions. A few years ago, the country&#8217;s trade was almost evenly divided between Russia, the European Union and other countries. Now, Russia, under international sanctions, accounts for more than two-thirds, while most of the remaining volume is exported through its territory.<br><br>Key drivers, such as IT and transportation, are now the most beleaguered industries, losing markets and human resources. Their struggles are a result of the government&#8217;s crackdown on the opposition during and after the 2020 presidential election. Belarusian companies have limited opportunities to engage in innovation and full-scale international cooperation.<br><br>The redirection of foreign trade to Russia brought the economy back to the 1990s. Back then, Belarus had opportunities for expanding foreign trade geography, while now this is more difficult amid political tensions.<br><br>Minsk should not pin hopes on Africa and Asia. Entering those markets is a forced measure: Belarus has to sell goods and services in places where it was not profitable before, so there is a risk of repeating the mistakes of dealings with Venezuela and Turkmenistan, whose companies were said to default on payments for goods and services.<br><br>A slowdown in exports of services may be a long-term trend.<br><br>If the deficit widens significantly, Minsk may have to spend foreign currency reserves to close the gap.<\/p>\n\n\n\n<div class=\"insert-block\">\n\n    <div class=\"insert-block__img\">\n                                <label class=\"insert-block__tag--mobile\"> \u042d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430<\/label>\n\n                <\/div>\n    <div class=\"insert-block__text\">\n                    <label class=\"insert-block__tag\">\u042d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430<\/label>\n                <h3 class=\"insert-block__title\">EDB revises upward Belarus growth forecast to 3.4 percent<\/h3>\n        <div class=\"insert-block__descr\">June 20, Pozirk. The Eurasian Development Bank (EDB) has revised upward its forecast, expecting Belarus to grow by 3.4 percent growth in 2024, citing business activity and more favorable condition. One of the most significant factors for businesses was the &#8230;<\/div>\n        <a class=\"insert-block__btn-block\" href=\"\/en\/news\/91783\">\n            <button class=\"btn\">\n                <div class='btn__text'>Read<\/div>\n            <\/button>\n        <\/a>\n    <\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><br><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>The Belarusian economy is booming, but exports have slowed down despite the government&#8217;s all-out effort. Exports of services balance trade For many years, exports of IT and transportation services exceeded imports, helping Belarus balance trade or achieve a surplus. In January-April, however, the government reported a deficit of $154 million. Trade in goods and services, [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":74451,"template":"","rubric":[22],"class_list":["post-91922","longreads","type-longreads","status-publish","has-post-thumbnail","hentry","rubric-theviewer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trade deficit seen as alarming sign | Pozirk<\/title>\n<meta name=\"description\" content=\"The Belarusian economy is booming, but exports have slowed down despite the government&#039;s all-out effort. 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