Country Profile – Belarus

Photo by Artem Podrez from Pexels

Belarus is the 63rd largest export economy in the world and the 30th most complex economy, according to the Economic Complexity Index (ECI). In 2017, Belarus exported worth $28.5 bn and imported worth $33 bn, resulting in a negative trade balance of $4.42 bn. In 2017 the GDP of Belarus was $54.5 bn and its GDP per capita was $18.8k. As of 2017, Belarus had a negative trade balance of $4.42 bn in net imports. Compare this to their trade balance in 1995 when they still had a negative trade balance of $468 mn in net imports.

According to a preliminary estimate for 2018 national accounts, the economy expanded for the second consecutive year, with annual growth accelerating to 3.0% from 2.5% in 2017 amid upbeat domestic demand dynamics. Household spending remained chiefly in the driver’s seat through much of the year, although appeared to slow in the fourth quarter amid rising inflation. Meanwhile, industrial production shifted into a lower gear in 2018, dragged by cooling manufacturing activity through year-end. On a brighter note, Fitch Ratings affirmed a stable outlook on the country’s B credit rating, citing moderating inflation, increased income per capita, despite a still high exposure to foreign currency risks.

 

 

 

 

 

India’s Trade with Belarus, in USD Million

India’s Imports from Belarus			India’s exports to Belarus
TOTAL	All products	188.191	TOTAL	All products	44.895
3104	Mineral or chemical potassic fertilisers	141.631	3004	Medicaments	9.136
2926	Nitrile-function compounds	13.957	0304	Fish fillets and other fish meat	6.868
5402	Synthetic filament yarn	3.869	2401	Unmanufactured tobacco; tobacco refuse	5.318
4104	Tanned or crust hides and skins of bovine	3.377	2933	Heterocyclic compounds with nitrogen hetero-atom[s] only	2.477
3908	Polyamides, in primary forms	2.517	0306	Crustaceans, whether in shell or not	1.948
5902	Tyre cord fabric of high-tenacity yarn of nylon	2.467	2101	Extracts, essences and concentrates, of coffee, tea	1.937
2827	Chlorides, chloride oxides and chloride hydroxides; bromides and bromide oxides	2.434	2941	Antibiotics	1.327
4107	Leather further prepared after tanning or crusting “	2.067	2934	Nucleic acids and their salts,	0.871
2825	Hydrazine and hydroxylamine and their inorganic salts;	2.037	1202	Groundnuts	0.776
2917	Polycarboxylic acids, their anhydrides, halides, peroxides and peroxyacids	1.896	2942	Separate chemically defined organic compounds	0.742