EU and CEFTA countries still the biggest trading partners of Serbia

Right after the European Union, CEFTA is the second most important trade partner of Serbia, said Director of CEFTA Secretariat, Danijela Gačević.

“In the last ten years, total trade among CEFTA countries has grown by 146 percent, with exports growing faster – from 19.7 billion euros in 2012 to 54.9 billion euros in 2022. That’s a 178-percent-increase in this timeframe or almost 2.8 times,” she told the Beta news agency.

According to her, statistical data also show that in 2022, the exports of all CEFTA countries amounted to 8.4 billion euros, which is 27 percent more than in 2021, when it was 6.6 billion euros.

“Exports to CEFTA countries accounted for 15.4 percent of Serbia’s total exports in 2023, as these countries cumulatively are the second biggest export market for Serbia after the EU, to which Serbia sells 63.2 percent of its total exports. CEFTA is becoming a key export market for Serbia, even surpassing exports to countries such as Germany. In 2022, Serbia’s exports to CEFTA were 28 percent higher than exports to Germany, amounting to close to 4 billion euros”, Gačević said and added that CEFTA is also becoming an increasingly important market for services, primarily IT, tourism and transport services.

Gačević specified that Serbia’s export of services to CEFTA countries in 2022 amounted to 998 million euros, which is a 63-percent growth compared to 2017 and 114 percent when compared to 2012.

She believes that CEFTA has a key role in advancing the initiative for a common regional market and fostering closer ties between the economies of the Western Balkans and the EU market.

CEFTA is a regional free trade agreement and a regional economic area formed to decrease the cost of trade and production by eliminating market access barriers. Trade in goods and services between the CEFTA economies is free of tariffs, quotas and other non-tariff barriers.

Current members of CEFTA are Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro, Kosovo and Serbia.

(Biznis.rs, 27.03.2024)importtr

https://biznis.rs/u-fokusu/intervju/cefta-i-dalje-najznacajniji-trgovinski-partner-za-srbiju/

 

This post is also available in: Italiano

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