Page 12 - BELRptJune18

5.2.1 Import/export dynamics
On 1 May 2018 Belarus raised customs duties on oil and petroleum products, which are exported beyond the customs territory of the Eurasian Economic Union (EAEU). The decision is laid down by the Council of Ministers' resolution No.325 of 25 April 2018, BelTA learned from the press service of the Belarusian government. The export duty on crude oil was increased from $111.4 to $118.5 per tonne. The export duty on straight-run gasoline was raised from $61.2 to $65.1 per tonne, with the export duty on commercial gasoline going up from $33.4 to $35.5 per tonne. The export duty on light and medium distillates now makes up $35.5 per tonne, up from $33.4. The same rate is applied to diesel fuel, benzene, toluene, xylene, lubricants, and other oils. The export duties on crude oil and some categories of derivative oil products were previously revised downwards on 1 April. Share:
The Belarusian export to Japan increased by almost 46% in the first quarter of 2018 , in comparison with the same period last year, Ambassador Extraordinary and Plenipotentiary of Belarus to Japan Ruslan Yesin told BelTA. “A long distance between Belarus and Japan is no longer a problem for developing trade and economic cooperation taking into account modern telecommunication technologies and transport and logistics capabilities. In 2017, the bilateral trade totalled $138.8mn, up 11.7% since 2016. The Belarusian export went up 41.4%. The growth in Belarusian supplies in the first quarter of 2018 made up 45.9%,” Ruslan Yesin said. Belarusian exporters supply to Japan raw materials, microscopes, diagnostic reagents, lasers and devices on liquid crystals, wooden products and furniture, electric transformers, children's toys, knitwear, textile products, and gelatin.
5.2.4 Gross international reserves
Belarus' gold, forex reserves exceed $7bn. Belarus' gold and foreign exchange reserves exceeded $7bn as of 1 May 2018, BelTA learned from the Information and PR Department of the National Bank of the Republic of Belarus (NBRB). According to the preliminary data, Belarus' gold and foreign exchange reserves, if calculated in accordance with methods of the International Monetary Fund, totalled $7.038bn (in equivalent) as of 1 May 2018. In April 2018, the country's gold and foreign exchange reserves went up by $43.5mn (or 0.6%) after the decrease of $98.8mn (or 1.4%) in March. The increase in the gold and foreign exchange reserves in April was due to the revenues from the purchase of foreign currency by the National Bank at the Belarusian Currency and Stock Exchange, the sales of bonds denominated in foreign exchange by the National Bank and the Finance Ministry in the domestic market, receipts to the budget, including export duties on oil and oil products. The external and internal obligations in foreign currency were fulfilled by the government and the National Bank in the amount of about $332mn. According to the country's main monetary guidelines for 2018, the volume of international reserve assets, taking into account the repayment of domestic and foreign commitments in foreign currency is projected to reach at least $6bn on 1 January 2019.
12 BELARUS Country Report June 2018 www.intellinews.com