Bosnia’s foreign trade deficit narrowed 12.5% y/y to BAM 3.6bn (EUR 1.8bn) in January-July 2013 on the back of rising exports and falling imports, the statistics office said. The reading accounted for 13% of the full-year GDP, improving from 15.7% of GDP a year earlier. The export-import coverage ratio strengthened to 58% in January-July from 52% a year earlier.
Exports rose 8.5% y/y to BAM 5.0bn in the first seven months of the year whereas imports contracted 1.5% y/y to BAM 8.6bn.
The imports retreat was mainly driven by falling utilities and capital goods purchases. On the other hand imports of non-durable consumer goods (food, beverages, tobacco clothing and footwear, medicines and others) continued increasing possibly implying a mild recovery of consumption.
Higher manufacturing and utilities sales remained the key drivers of Bosnia’s export growth in January-July.
Manufacturing exports rose 4.8% y/y to BAM 4.3bn (86% share in total) lifted by increasing sales of furniture, food, leather, wood, machinery and equipment and fabricated metal products which offset falling basic metal exports.
January-July sales of electricity, gas, steam and air conditioning supply jumped 192% y/y to BAM 329mn, reflecting favorable hydrological conditions in the winter season.
Export growth is expected to offset falling domestic demand and will support a mild 0.5% GDP expansion oin 2013, according to the IMF. The economy contracted 0.7% in 2012.
|Bosnia's foreign trade||Jan-Jul'12||%,y/y||Jan-Jul'13||%,y/y|
|Trade balance,BAM mn||-4,134.2||4.5||-3,618.2||-12.5|
|Source: Institute of statistics|
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