New export routes failing to offset Belarus’ losses from sanctions – EDB

November 8, BPN. Increased exports to Russia, Asia, and Africa have not yet fully offset the drop in exports to the EU and other countries, the Eurasian Development Bank (EDB) said in its recent weekly macroeconomic report.

Belarus’ foreign trade in goods fell by 6.9 percent in September 2022 year on year, while the monetary value of exports fell by 4.8 percent after a 0.1 percent decrease in August, the EDB analysts noted.

The physical decrease in exports may be even more dramatic due to higher prices, the EDB stressed.

At the same time, exchange rates were favorable for Belarusian exports to Russia, it noted.

The drop in imports slowed down from 12.7 percent in August to 8.9 percent in September which may indicate some adjustment of supply routes to Belarus, according to the EDB. Belarus had a surplus of $52 million in foreign trade in September.