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5.2.1 Import/export dynamics
Belarus will make a final decision on joining the World Trade Organisation (WTO) when negotiations with it are over , Belarusian Foreign Minister Vladimir Makei told in a televised interview on September 4. "We will keep working on our entry into the WTO, but the final decision will be made at a later stage if we see that we can really benefit from it," local media quoted Makei as saying. "We will make the decision only when we see that the entry into the WTO will bring definite economic dividends." The statement of Minsk's official followed declarations that the country is going to complete negotiations on joining the WTO in the second half of 2020.
Belarus increased dairy export to China 6.9-fold year-on-year in physical terms to 57,300 tonnes in January-July , according to Aleksei Bogdanov, head of the Central Office for Foreign Economic Activities of the Belarusian Agriculture Ministry. Dairy export to China rose almost 5.6-fold y/y in money terms to $23.3mn, the official added, state news agency BelTA reported on September 4. Bogdanov added that Minsk's goal is to ramp up dairy export to China up to 100 containers per month and to extend the product range. The official did not elaborate on the current level of container shipment though. "Today we sent skimmed milk to China. We also supply whey, dried whole milk. We actively promote finished products such as cheese and butter. We also seek to branch out into the Chinese yogurt market," Bogdanov added.
5.2.4 Gross international reserves
Belarus' gold and foreign currency reserves totalled $7,246.4mn as of 1 September 2018 , if calculated in accordance with methods of the International Monetary Fund, BelTA learned from the Information and PR Department of the National Bank of the Republic of Belarus.
In August 2018, the country's gold and foreign currency reserves went up by $216.2mn (up 3.1%) following the July growth by $198.8mn (2.9%). Belarus' gold and foreign exchange reserves were bolstered thanks to the purchase of foreign currency by the National Bank via the Belarusian Currency Stock Exchange, the budget revenues, including export duties on oil and oil products and revenues from selling government bonds nominated in foreign currency by the central bank and the Finance Ministry.
In August 2018 the National Bank and the government of the Republic of Belarus honored the foreign and domestic obligations in foreign currency in the amount of about $190mn. According to the country's main monetary guidelines for 2018 the volume of international reserve assets, taking into account the honoring of domestic and foreign commitments in foreign
18 BELARUS Country Report October 2018 www.intellinews.com