Growing export to Italy

Italy is Serbia’s biggest export partner. In 2016, the external trade between Serbia and Italy amounted to 3.74 billion EUR. Considering that Serbia’s export to Italy in 2016 amounted to 1.95 billion EUR it is safe to say that Italy is our most important export destination.

The same year, we imported goods worth 1.79 billion EUR from Italy which puts Italy in the second place among the countries that Serbia mostly imports from.

This year shows an even tighter trade cooperation between the two countries. In the period from January to April, Serbia exported 729.9 million EUR worth of goods and services, which is an 5.8% hike relative to the same period last year. We imported 613.4 million EUR worth of products from Italy which is 4.1% higher than in the same period in 2016.

“The export to import ratio in 2016 stood at 109%. We should mention that following the launch of Fiat’s factory in Kragujevac, Serbian export to Italy has grown considerably which is the reason for Serbia recording a constant surplus in trading with Italy since 2013”, Danijela Cabarkapa from the Serbian Chamber of Commerce says.

“According to the data collated by the Serbian Development Agency, over 60 Italian companies have invested in Serbia with the biggest investments made in the textile industry, and the automotive and machine building sectors. Numerous Italian companies have decided to invest in Serbia due to the free trade agreements that our country has concluded with the Russian Federation, Kazakhstan and Belarus which facilitate customs free export to the markets that collectively have over 180 million consumers”, Cabarkapa adds.

Italian companies have shown a lot of interest in exploiting alternative energy resources, namely biomass, wind and solar energy because Italy is about to abolish power production bonuses and because Serbia has a very stimulating prices of electricity generated from renewable energy resources. The agreement that Serbia and Italy signed on 1st January, 2013 stipulates Serbia exporting to Italy electricity generated from the alternative energy resources. This sector shows a great perspective development-wise considering that the EU members undertook to secure at least 20% of their electricity production from renewable energy resources by the year 2020.

(Vecernje Novosti, 29,06.2017)

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