Rarities shop: Belarusian Exchange increased sales volumes
More and more transactions are made through the Belarusian Universal Trade Exchange (BUTB). Only for the first 10 months of 2024, the sales volume increased 9.5 times, in monetary terms at the end of 11 months it is $771.3 million. This was reported by the representative of the BUTB management German Puzyrny within the framework of the seminar in Mahiliou, dedicated to the 25th anniversary of the Union State. How the trade turnover between Russia and Belarus will change in 2025 and what sectors are the most promising for development, "Izvestia" found out.
Meat and boards
According to Puzyrny, more than 91% of transactions are supplies of products of the agro-sector. According to his information, 2024 was a record year in terms of exports of goods to Russia. The most demanded are the products of the livestock and timber industry (in particular, sawn timber), they accounted for a total of 87% of the supply volume.
However, the success of these sectors does not prevent the development of other export items. According to Puzyrny, there is potential for increased shipments of industrial and consumer goods - growth in these categories during 2024 amounted to 33%. It is noteworthy that half of these products came from small and medium-sized businesses, which solve the problems of import substitution.
The Ministry of Economic Development and the Russian Export Center had not responded to Izvestia's inquiries about the prospects of cooperation between the two countries by the time of publication.
Progressive movement
Russia is systematically strengthening its integration with Belarus both in the Union State and in the Eurasian Economic Union. The key area of cooperation between the two countries is increasing technological sovereignty and developing cooperation, believes Alexander Knobel, director of the Center for International Trade Studies at the Presidential Academy.
- This is clearly reflected in the accelerated growth of mutual supplies of machinery, equipment and vehicles in January-October 2024 - by 10.7% compared to the same period of the previous year," he said.
The total trade turnover between Russia and Belarus, according to the center's calculations, increased by 6.5% and amounted to about 3.7 trillion rubles.
The main counterparty
Trade turnover between Russia and Belarus may reach $60 billion in 2024 (earlier estimates for 2023 were published at $53 billion), which will be a historical maximum, said President Alexander Lukashenko in early December. At the same time, from January to September 2024, trade turnover between the countries increased by 8.4%, in monetary terms - more than $37 billion.
According to the National Statistics Committee, the products of the manufacturing industry account for 97% of Belarus' exports to Russia.
- It's about the export of food products, computing, electronic and optical equipment, vehicles and equipment. Russia, in turn, exports energy resources, agricultural products and food raw materials, metals to Belarus," listed the main export items, head of macroeconomic analysis department of FG "Finam" Olga Belenkaya.
According to Alexander Knobel, the Russian market is also growing demand for Belarusian dairy products, which is increasingly satisfied through purchases on the stock exchange: imports of such products from Belarus increased by 21.5% over the year.
Looking ahead
Taking into account the current trends and increasing economic integration, one can expect further growth of trade turnover between Russia and Belarus in 2025, the interviewed experts agree.
Nevertheless, accurate forecasts will depend on a variety of factors, including economic policy, external conditions and the development of joint projects, said Ekaterina Kosareva, managing partner of the analytical agency "VMT Consult".
According to the expert, in the future the countries should strengthen cooperation in the field of technology.
- For example, the creation of joint projects in IT and digital services, as well as in the field of energy (especially on the basis of renewable energy sources). This will contribute to sustainable development and strengthen energy security of both countries," she says.
According to Ekaterina Kosareva, the IT sphere is the most promising for cooperation between the countries, as Belarus actively supports this sphere at the state level.
- There is Decree № 8 of Alexander Lukashenko "On the development of digital economy. The document, in particular, provides tax benefits until 2049, simplifies document flow, introduces the institution of English law, simplifies the regime of currency transactions and the procedure for hiring qualified foreign specialists. Technopark "High Technology Park" (HTP) thanks to the constant support of the state ensured the active development of export of computer services and contributed to the creation of favorable conditions for doing business in the IT-sector, - says Ekaterina Kosareva.
Among the most promising areas of deepening mutual integration expert Olga Belenkaya named food products, machine building, high technology.
- Belarusian enterprises are actively supplying Russia with industrial and consumer goods, contributing to the import substitution program. In 2024, the exchange exports in this category increased by 33%, with import-substituting products accounting for almost half of it," said Deputy Director of the Banking Institute of Development Yulia Makarenko.
In a common space
The value volume of mutual trade in the Eurasian Economic Union in January - September 2024 reached Br6.5 trillion, increasing by 12.3% compared to the same period of 2023, according to the data of the Center for International Trade Research of the Presidential Academy.
According to Ekaterina Kosareva, a logical step in the interaction of countries within the Customs Union should be the reduction of customs barriers and harmonization of standards.
- The Customs Union, which unites Russia, Belarus and other countries, helps simplify trade procedures and increase trade turnover between the participants. In general, the strengthening of trade ties between Russia and Belarus, as well as the development of new areas of cooperation, contributes to economic growth and increased competitiveness of both countries in the international arena," Yulia Makarenko concluded.
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