Belarus: EEU cuts import duties

The Eurasian Economic Union (EEU) has reduced import duties from 5.43% to 5.3% of the customs value of goods. The new rates became effective on September 1. The move was approved by the Eurasian Economic Commission (EEC) and reflects Russia’s WTO commitments. Although Belarus is not a WTO member, the country still has to comply…

Belarus: government extends loan repayment schedule for farms and agribusiness companies

Belarus’ farms and agribusiness enterprises, which received Br455.4 million ($232.255 million) in credits in 2016 to pay for mineral fertilizers, engine fuel and lubricants, will have their credit repayment schedule extended by one year, in accordance with President Lukashenko’s ordinance No. 328 of September 2. The document was made public on September 6. The credits…

Belarus: farmers to sow 360 thousand ha of winter rapeseed

Belarus finished rapeseed sowing for 2017 harvest. According to Belarus AgMin farmers will increase rapeseed sowing area to 360 thousand ha. As of August 31, sowing has been carried out at 332.1 thousand ha or 92.3% from the total sowing area. Last year sowing area of rapeseed 264 totaled thousand ha. (UkrAgroConsult/Business World Magazine)

Belarus: pork imports from Ukraine banned

On September 1, Belarus has temporarily banned pork imports from Volyn and Vinnytsia regions of Ukraine due to African swine fever (ASF). The Veterinary and Food Control Department of the Ministry of Agriculture and Food of the Republic of Belarus has stated this on its website. According to the data from the World Organization for…

Belarus reports $1.9 billion commodity trade deficit in January-July 2016

Belarus’ foreign trade deficit stood at $1.934 billion in January-July against $1.457 billion in January-July 2015, according to the National Statistics Committee (Belstat). Commodity exports decreased by 18.6% YoY in January-July to $13.116 billion, while imports decreased by 14.4% MoM to $15.05 billion. Exports from Belarus included $7.761 billion worth of supplies to the CIS…

Belarus: electricity exports to Lithuania up in H1 2016

Belarus increased electricity exports to Lithuania by 11.8% YoY in January-June to 75.5 million kWh, according to official statistical reports. Belarus’ proceeds from electricity export to Lithuania grew by 13.2% to $4.257 million. Lithuania was the key and basically the only destination of Belarus’ electricity exports in 2015. Belarus plans to export to Lithuania around…

Belarus: crop conditions in September 2016

Conditions for soil preparation, winter rapeseed sowing and germination across most of Belarussian territory are favorable. In the fields sown with rapeseed in the first half of August, rapeseed germinated and leaf formation has started. Soil is still waterlogged in the north-west of Vitebsk region, according to the observations of Verhnedvinsk weather station. Soil moisture…

Belarus: measures taken to resume dairy export to Russia

Belarus’ Agriculture and Food Ministry is taking measures to help its three enterprises regain access to the Russian market, Alexander Subbotin, Deputy Agriculture and Food Minister – Director of the Veterinary and Food Supervision Department, said. “Rosselkhoznadzor’s claims are about the quality of registration of the dried milk conformity declarations”, the deputy minister explained. “We…

Belarus: nearly 7 million tons of grains harvested

As of September 1, agricultural organizations of Belarus harvested grains and pulses throughout the areas of 2.067 million ha (98.1% of the plan). The average yield totaled 3.35 ton/ha, the Ministry of Agriculture of the Republic of Belarus declared. The harvested volumes reached 6.932 million tons of grains (taking into account buckwheat and millet), down…

Belarus to host investment forum focused on innovations, FDI and intellectual property rights

Belarus is due to host an investment forum in Minsk on September 29-30. Entitled “Broadening the Horizons: Investment, Finance, Development”, the forum will focus on innovations, inflow of foreign direct investments (FDI), and protection of intellectual property rights. The major goal of the forum is to discuss relevant aspects of investment cooperation and attract the…

Belarus: potash exports proceeds down in H1 2016

Belarus’ proceeds from potash exports fell by 38.3% YoY in January-June to $896.215 million, Belarus’ National Statistics Committee (Belstat) said in an official report. Potash export proceeds decreased as a result of a 22.19% drop in the physical volume of Belarusian potash supplies to 2.31 million tons (in terms of 100% potassium chloride). The average…

Belarus: liquefied gas export proceeds down in H1 2016

Liquefied gas exports by Belarus’ state oil and gas production monopoly Belorusneft edged down by 30.5% YoY in January-June to $73.7 million, a source in the profile ministry reported. Belorusneft runs a special facility, which produces liquefied gas. Belarus decreased liquefied gas export by 11.4% in January-June to 2,988,300 tons. Export proceeds decreased exclusively due…

Belarus: external state debt up in January-July 2016

As of August 1, Belarus’ external state debt totaled $13.3 billion, up by $847 million or by 6.8% since the beginning of the year (taking into account differences in currency exchange rates), representatives of the Belarusian Finance Ministry said. In January-July external state borrowings totaled $1.3 billion, including $800 million borrowed from the Eurasian Fund…

Belarus: IFRS to make corporate sector more transparent

Belarus’ move to adopt International Financial Reporting Standards (IFRS) and clarifications on January 1, 2017 will contribute to increasing the transparency of Belarus’ corporate sector for investors and creditors, Pavel Laschenko, EY Belarus Managing Partner, believes. The IFRS standards will acquire the same legal status as guidelines and provisions of the Finance Ministry of Belarus…

Belarus: Gomselmash deliveries to Ukraine up in 2016

Since the start of the year the Belarusian mechanical engineering company Gomselmash has delivered 150 grain and forage harvesters to Ukraine, up by 50 vehicles YoY, the First Deputy Director of the company’s regional sales department Igor Korotkevich reported. The exports mainly consisted of grain harvesters, including KZS-1218, KZS-812 that have already made a good…