The European Union ranks second among major Belarus’ external economic partners.
In the peak year of 2008 the turnover in trade between Belarus and the EU amounted to US $ 23.0 billion, out of which US $ 14.4 billion were exports and US $ 8.5 billion – imports. The balance of trade was in favour of Belarus and amounted to US $ 5.8 billion.
Trade between Belarus and the EU suffered a 30% decline in 2009-2010 as a consequence of the world economic crisis. In 2010 Belarus–EU turnover accounted for US $ 15.1 billion. Belarusian exports to the EU shrank to US $ 7.6 billion, down nearly 50 per cent compared to 2008. The balance of trade remained in favour of Belarus, but declined to US $ 57.0 million.
However, the results of trade between Belarus and the EU in 2011 confidently exceeded the pre-crisis peak indicators of 2008. The turnover grew to US $ 24.2 billion, up 61.1 per cent compared to 2010. Belarusian exports increased to US $ 15.7 billion, up 106.9 per cent compared to equivalent last year’s results. The trade balance in favour of Belarus reached US $ 7.2 billion.
The positive dynamics of trade with the EU continued in 2012, setting new benchmarks in all trade indicators: turnover added 11.0 per cent and reached US $ 26.9 billion, and exports increased to US $ 17.6 billion, up 12.0 per cent compared to 2011. The trade balance in favour of Belarus was US $ 8.3 billion. In 2015 the turnover reached US $ 14.4 billion, export amounted to US $ 8.6 billion, in 2016 turnover amounted to $ 11.2 billion, export — $ 5.7 billion, in 2017 turnover amounted to $ 14.49 billion, export — $ 7.84 billion.
In 2019, trade with the EU amounted to 15.7 billion US dollars, which is 9.2% less than in 2018. Exports from Belarus to the EU countries amounted to US $ 8.4 billion (US $ 10.18 billion in 2018), the decline is mainly due to a decrease in the supply of oil and petroleum products in 2019 — by almost US $ 1.2 billion. Imports from the EU are equal to 7.3 billion US dollars. The balance was negative in the amount of USD 1 billion.
In 2019, it was possible to reverse the negative trend in EU foreign direct investment in Belarus: USD 488 million (USD 407 million in 2018).
In 2020, trade with the EU amounted to USD 11.9 billion — 90.8% of the 2019 level (USD 13.1 billion excluding the UK). Exports from Belarus to the EU amounted to 5.5 billion US dollars (9.8% less than in 2019 — 6.1 billion US dollars), imports — 6.5 billion US dollars (8.5% less than in 2019 — $ 7.1 billion). The balance was negative in the amount of USD 1 billion.
Despite the sanctions policy, the European Union remained the second trade and economic partner of Belarus in 2021. Trade with the EU amounted to 16.3 billion US dollars — 136.5% of the 2020 level. Export from Belarus to the EU amounted to 9.5 billion US dollars (174.4% – an increase of 5.5 billion US dollars), imports — 6.8 billion US dollars (104.5% compared to 2020). The trade balance was positive in the amount of 2.75 billion US dollars.
The main export items from Belarus to the EU remained: for oil and oil products (HS group 27) there was an increase in supplies by 12 percentage points, for wood products (HS group 44) – a slight drop by 1 percentage point, supplies of iron and steel (HS groups 72 and 73) remained at the same level, a slight increase of 0.6 percentage points.
In 2021, exports of services amounted to 2.74 billion US dollars (107.3% compared to 2020), imports – 1.85 billion US dollars (120%). The balance was positive in the amount of 0.89 billion US dollars.
Investments from EU countries in Belarus in 2021 amounted to USD 545.98 million (direct on a net basis), 583.34 million US dollars in 2020.
The main trading partners of Belarus in the EU are the Netherlands, Poland, Germany, Lithuania, Latvia, Belgium, the Czech Republic, and Italy.