2022 Belarus-Russia Trade To Hit Record US$50 Billion
Belarus-Russia trade is likely to hit a record high of $50 billion in 2022, according to the Belarusian Ambassador to Russia, Dmitry Krutoi, who made the statements at the “Belarus – Russia: Equal Union, Common History, Shared Future” forum held this week.
“Thanks to numerous comprehensive measures, mutual trade in goods and services between our countries is likely to be about US$50 billion” Ambassador Krutoi said. “To compare: in 2021 Russia’s trade with China amounted to $147 billion. On the one hand, this is almost three times more than the trade of Russia with Belarus, but the population of China is 150 times larger than that of the Republic of Belarus.” Krutoi concluded.
Belarus is a member of both the Eurasian Economic Union (EAEU) and the Commonwealth of Independent States (CIS). Both these entities Russia and intra-trade is up this year (click on the links above for detailed analysis).
Belarus has Free Trade links via the EAEU to export markets in Iran, Serbia and Vietnam, all of which have FTA with the EAEU.
The main products that Russia exports to Belarus are crude petroleum, petroleum gas and cars (Belarus has its own significant industrial auto sector). The main products that Belarus exports to Russia are cheese, delivery trucks and tractors. Belarus is also developing a significant parallel imports sector with Russia, buying, warehousing and then selling Western manufactured products onto Russian markets, and especially brands that have exited Russia.
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