Belarus' exports to China collapse amid signing of 'historic document'

During the visit of Chinese Prime Minister Li Qiang to Belarus, officials were not stingy with loud statements. Lukashenka announced the signing of a "historic document" - "agreement on the establishment of a free trade zone in services and investment".

However, it is unclear how this document will contribute to the development of Belarusian-Chinese relations. Which, it should be said, are becoming less and less favorable for Belarus. After all, the trade turnover with China in January-June 2024 fell by 13.2% to $3.9 billion compared to the same period last year.

And the main thing is that with the growth of imports from China ($2.9 billion), Belarusian exports fell sharply. In the first half of the year they decreased by 37.2% (to 994.9 million dollars). As a result, the negative balance of Belarus in trade with China approached $2 billion.

This year "minus" was formed in almost all major commodity groups.

In January-May, Belarus' deliveries of potash fertilizers to China amounted to $393 million. In monetary terms it is almost 50% less than last year. The main reason for the problem in this sector is the collapse of world prices for this type of products. Even a significant increase in the volume of exports does not manage to reach the level of the previous year.

Food products, which have recently become an important component of Belarusian exports to China, have also seen a noticeable decline. For example, purchases of domestic rapeseed oil more than halved in the first half of 2024 - from $130 million to $45 million. Shipments of meat and edible poultry by-products also fell, from $172.2 million to $94.4 million. Not so significant, but there were minuses in frozen beef, whey and condensed milk and cream, notes "Belarusians and the market".

But Li Qiang gave Lukashenka greetings from Xi Jinping!