Economic Cooperation

The European Union ranks second among major Belarus’ external economic partners.

BELARUS-EU. TRADE IN GOODS. 2008-2020.

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, the European Union remained the second trade and economic partner of Belarus. 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.

The main export items traditionally were oil and oil products — 20.4%, wood products — 18%, ferrous metals — 10.4%, fertilizers — 7.5%; furniture and prefabricated building structures also significantly improved their positions — 5.5%, cars and parts of rolling stock — 4.2%, other machines and mechanisms — 4.5%.