The seven-month-export figures went up by 8.9% while the export to import ratio stands at record 77.7% and is higher relative to the same period last year when it stood at 75%.
From the beginning of 2016, Serbia exported 7.69 billion EUR worth of goods which is an 8.9% increase compared the same period last year. The import reached 9.9 billion EUR which is 5.2% higher relative to the same period last year. The seven-month-deficit stands at 2.21 billion US dollars, or 6% less compared to the same period the year before.
The export to import ratio stands at record 77.7% and it is higher than the last year’s which stood at 75%.
In terms of the export structure, as per product use, we mostly exported reproduction goods (51.1%), consumer goods (38.3%) and equipment 10.6%.
When it comes to the import structure, Serbia mostly imported 53.1% of reproduction goods (53.1%), followed by consumer goods (19%), equipment (11.7%) and unclassified goods as per their use (16.2%).
Individually, the most important foreign trade partners of Serbia in the first seven months of this year were: Italy – 1.38 billion dollars, Germany – 1.13 billion, Bosnia and Herzegovina – 696.4 million, Romania – 471 million and the Russian Federation- 451.5 million. We mostly imported from Germany – 1.42 billion dollars, Italy – 1.2 billion, the Russian Federation – 895.4 million, and China and Hungary 893.7 million and 514.9 million dollars respectively.
The foreign trade was the highest with the countries that Serbia has signed free trade agreements with. The EU countries have a 65.2% share in the total trade exchange.
Our second most important partners are the CEFTA countries. Serbia has recorded a surplus in trading with these countries to the amount of 1.1 billion dollars which is mostly due to exporting agricultural products like wheat and wheat-based products, various types of beverages, metal products and different finished products. In terms of the import, we mostly imported iron and steel, hard coal and briquettes, fruits and vegetables, medical and pharmaceutical products. Serbia’s export stands at 1.5 billion and import at 407.1 million dollars for the observed period. The export to import ratio was 370.3%.
If we look at the individual countries, the trade surplus was recorded with the ex-Yugoslav republics of Bosnia and Herzegovina, Montenegro and Macedonia. As far as other countries go, the surplus was recorded in trading with Italy, Romania, Bulgaria, Slovakia, Great Britain and Croatia. The biggest deficit was recorded in trading with China mainly due to Serbia importing telephones for station networks and laptops, as well as with the Russian Federation owing to import of energy products; primarily oil and gas. We also recorded a deficit in trading with Poland (importing vehicle parts), Germany, Hungary, Turkey, Belgium and France.
According to the Standard International Trade Classification (SITC), we mostly exported: road vehicles – worth over a billion dollars, electrical machines and devices – 685.4 million, fruits and vegetables – 475.4 million, wheat and wheat products – 402.6 million and engines and equipment – 374.9 million. The cumulative export of these five SITC segments accounted for 34.6% of the total export.
The first five SITC segments with the biggest import share are: road vehicles – 1.19 billion dollars, oil and oil products – 599.4 million, electrical machinery and equipment – 477.1 million, industrial machines for general use – 380.5 million, and medical and pharmaceutical products – 369.2 million, and these accounted for 27.3%t of total imports. The unclassified goods segment, which now includes the goods in customs warehouses and free zones, has a 16.2% share in total imports.
Export of gold grows by 61.6%
Several product groups recorded a double digit growth in the period from January and July 2016. The export of engines and equipment grew the most – 77%, followed by prefabricated buildings, sanitation and other devices – 69.13%, unclassified goods (military goods) – 32.4%, electrical machines and devices – 21.2% and telecommunications and audio devices – 20.1%. During the first seven months of this year, the export of gold went up by 61.6%.
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