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 |
