Belarus accounts for 17% of the world’s output of harvesters, 6% of wheeled tractors, about 6.4% of flax fibers and 1.6% of potatoes. The share of BelAZ rock haulers on the global market makes 30%. Belarusian dairy companies account for 1.4% of global milk production. The country accounts for 2.5% of the global export of dairy products and 4.6% of butter export.
Belarus is among CIS leaders in chemistry and petrochemistry, agricultural and automobile construction, agriculture, light industry, individual branches of the information and communication technologies industry. Belarus exports more IT services per capita than any other CIS state. Belarus has good prospects in the high-tech sector, namely in the production of optical and laser devices, automated management systems.
Belarus adheres to the socially-oriented model of the market economy which has proven to be consistent and efficient.
|Foreign trade in goods, services
|Agricultural output (companies of all kinds),
The major branches of the Belarus economy include the processing industry, agriculture, construction, trade, transport and communications.
|Production of foodstuffs, including beverages, and tobacco||30.1%|
|Textile and garment industry. Manufacture of leather products and footwear
|Wood processing and manufacture of wooden product||4.2%|
|Production of coke, oil products and nuclear materials||15.2%|
|Production of rubber and plastic goods, other non-metal goods
|Metallurgy and production of finished metal products except for machines and equipment
|Production of electronic and optical equipment||1.7%|
|Production of transport vehicles and equipment||3.4%|
|Production of electric devices||3.2%|
|Production of machines and equipment||4.6%|
|Production of transport vehicles and equipment||3.7%|
Belarus’ mechanical engineering sector includes such branches as the manufacture of machines and equipment, electric and electronic devices, transport vehicles and equipment. The production of machines and equipment accounts for 15% of the total output of the sector.
Belarus specializes in manufacturing freight vehicles, buses, quarry equipment, and tractors. The biggest companies are OAO Minsk Automobile Plant (MAZ trademark) and OAO BelAZ trademark in Zhodino. Belarusian Autoworks accounts for a third of the global market of rock haulers and is one of the world’s leading producers of quarry equipment.
Belarus is a leading producer of agricultural equipment such as tractors, grain harvesters, all kinds of forage harvesters. OAO Minsk Tractor Works (MTZ trademark) is among the biggest manufacturers of wheeled tractors. Belarusian tractors account for 96% of the global market.
The Belarusian oil processing industry includes Novopolotsk-based Naftan Oil Refinery and Mozyr Oil Refinery. These are modern facilities manufacturing high-quality oil products which are exported to Central and Northwest Europe.
The biggest exporters of mineral fertilizers in Belarus are OAO Belaruskali and OAO GrodnoAzot.
OAO Belaruskali is one of the world’s biggest manufacturers of potash fertilizers. The Belarusian enterprise accounts for 16% of the global potassium market. Over 90% of Belaruskali’s output is exported to Europe, Asia, Mediterranean countries, South Africa, South and North Americas — a total of 97 countries across the globe.
OAO Belshina is one of Europe’s largest tire producers.
The Belarusian metalworking industry includes about 20 large and medium-sized manufacturers of steel pipes, metal cord, various kinds of wire, and more than 80 producers of finished metal elements for steel structures, various kinds of metal instruments, reservoirs, cisterns, containers, boilers, radiators, fixing hardware, etc.
OAO Belarusian Steel Works (BMZ trademark) in Zhlobin is Belarus’ biggest manufacturer of steel products.
The Belarusian fuel and energy complex includes companies engaged in production, transportation, and storage of all kinds of energy resources. About 85% of energy resources consumed by the national economy is imported. Electricity generation is the core of the Belarusian fuel and energy complex. It is one of the leading branches of the national economy where a traditionally high level of Belarus’ technical and engineering potential is concentrated. OAO Gazpromtransgaz Belarus distributes and transports gas across Belarus.
In the near future nuclear energy will play a leading role in the fuel and energy complex of Belarus. The decision to build a nuclear power plant with the capacity of up to 2,000MW in Belarus was made in 2008. The NPP will allow reducing the prime cost of produced energy by up to 20%.
The production of foodstuffs is a modern and vigorously developing industry in Belarus. Food-making enterprises account for more than one fourth of the processing industry’s output and ensure the food security of the country. Thanks to the comprehensive modernization and the application of modern production technologies, the enterprises of the sector make high quality products which are in demand in the country and abroad.
Major branches are the production of dairy products, meat and meat products (more than 60% of the total output of foodstuffs, including beverages and tobacco). Besides, Belarus is a strong producer of sugar and confectionery, canned fish, fruit and vegetables.
The biggest enterprises of the industry are OAO Savushkin Product, the Belarusian-German joint enterprise Santa Bremor, OAO Slutsk Cheese Factory, OAO Babushkina Krynka, OAO Bellakt, OAO Molochny Gostinets, OAO Spartak, OAO Kommunarka.
Agricultural production accounts for about 7% of the country’s GDP. About 9% of the people employed in the national economy work in the agricultural industry.
Belarusian companies almost fully satisfy the needs of the domestic food market. Food import accounts for less than 10% of the total consumption. In 2014, the production of milk per capita in Belarus was 2.2 times higher than that in the European Union and 6.4 times higher than that in the world. The production of meat per capita was 1.3 times and 2.6 times higher, the manufacture of grain is 1.4 times and 2.5 times higher respectively.
The country accounts for 2.6% of the global export of milk, 4.6% of butter export, and 2.9% of cheese export. Belarus is a top exporter of dairy products in the world along with Germany, New Zealand, the Netherlands, France, the USA, and Belgium.
The Republic of Belarus is ranked first in terms of per capita production of potatoes and is one of the major potato producers in the world.
About 23.4% of the world’s flax crops are grown in Belarus. Belarus is a top five country among the world’s 23 flax fiber manufacturers.
Belarus is a major transport artery in Eurasia. Every year over 100 million tonnes of European cargoes is transported via Belarus. About 90% of the cargoes is transported between Russia and the European Union. Transit of goods via Belarus is fast and secure. Transport services are rendered by railway, automobile, air, inland water, and pipeline transport operators.
International transport corridors
Belarus’ geographical location favors the deployment of logistics centers along the routes used to transport cargoes between Europe and Asia.
The economic structure, geographic location and historical development of the Republic of Belarus have determined the openness of the country’s economy and its focus on foreign markets.
Belarus trades with 199 countries across the globe.
As of 2016, Russia accounted for 51.2% of Belarus’ trade turnover, Ukraine – for 7.5%, China – for 5.1%, the United Kingdom – for 2.4%, Germany – for 4.5%, Poland – for 3.9%, the Netherlands – for 2.2%, Lithuania – for 2%, Italy – for 1.3%, Turkey – for 1.6%.
Belarus has a two-level banking system which is common worldwide. It consists of the National Bank of the Republic of Belarus, or the central bank, and commercial banks.
As of 1 February 2017, there were 27 banks in Belarus.
The Development Bank of the Republic of Belarus was established following the presidential decree of 21 June 2011. The bank has been tasked with developing the system to finance national programs and socially-important investment projects, export crediting.