Belarus’ foreign trade grew by 5.2% to $91bn in January-November 2024

In January-November 2024, Belarus’ foreign trade in goods and services continued to grow. During this period, foreign trade turnover made up $91bn, having increased by 5.2 percent compared to the same period a year earlier, sb.by reports citing the website of the National Bank of Belarus.

In the services sector, the foreign trade turnover for January-November 2024 increased by 10.1 percent to $14.6bn. Exports of services grew by 11.8 percent over the period, reaching $8.8bn – more than 1.5 times the volume of the imports ($5.8bn). As a result, the balance of foreign trade in services was positive at $3bn – up 21.2 percent compared to January-November 2023.

In January-November 2024, the foreign trade in goods increased by 4.3 percent year-on-year to $76.5bn. Exports of goods in the first eleven months of 2024 totalled $36.4bn. The growth rate of imports of goods (6.4 percent) continued to outpace the growth rate of their exports (2.1 percent). At the same time, as compared to January-October 2024, a decrease in the intensity of import growth rates was observed in January-November 2023. Overall, in January-November 2024, the negative balance of foreign trade in goods stood at $3.7bn.

The growth of the surplus of foreign trade in services partially compensated for the deficit in foreign trade in goods. The balance of foreign trade in goods and services in January-November 2024 was minus $0.7bn.