Following the results of the first half of the year, a further outpacing of export growth rates over import growth is expected

August 2, Minsk /Lilia Krapivina - BELTA/. Following the results of the first half of the year, further outpacing of export growth rates over import is expected. This was stated today at a meeting of the Council of Ministers by Vice-Premier Sergei Rumas, according to a BELTA correspondent.

According to preliminary results, for 6 months of the current year, an outpacing of export growth rates over import by up to 8.7 percentage points is expected. Thus, the trend of export growth rates outpacing imports will continue, noted Sergei Rumas. He recalled that in May, a positive foreign trade balance was formed, which amounted to $116 million. It was achieved under conditions of devaluation and currency restrictions.

The main factors that influenced the deterioration of trade results in the first half of the year were the import of passenger cars by individuals and the reduction in exports of oil and petroleum products. In June, the balance of foreign trade in goods, compared to May, worsened by $412 million and amounted to minus $607 million. This happened due to reconstruction and technical re-equipment work at the Mozyr oil refinery. In June, the technological process of producing light petroleum products was suspended there, while raw material supplies continued.

The import of passenger cars for 6 months of 2011 increased 3 times compared to the same period last year and amounted to $2.161 billion. In June, a historical peak in passenger car imports was reached - 68 thousand units for $644 million.

Since July 2011, the import of passenger cars has practically ceased, noted Sergei Rumas. The Mozyr oil refinery has also resumed operations. These factors allow us to predict further positive growth of the foreign trade balance. "This allows us to talk about the return of the balance of foreign trade in goods and services to positive values," noted Sergei Rumas.

He also emphasized that Belarus's foreign trade in the first half of the year was carried out against the backdrop of high domestic demand, rising prices for fuel and energy resources, and the import of cars by individuals. This led to a deterioration of foreign trade in the first half of the year, when the foreign trade deficit amounted to more than 18% of GDP.-0-